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NEW YORK, December 20, 2022 (GLOBE NEWSWIRE) — Cipher Mining Inc. (NASDAQ: CIFR ) (“Cypher” or the “Company”), an American Bitcoin mining company, today announced that it has acquired additional new mining rigs to be installed in a recently opened data center in Odessa, which will bring the Company’s hashrate standalone aggregate mining at approximately 6 EH/s, with approximately 3 EH/s of standalone mining operational by the end of 2022.
Cipher recently purchased 7,200 new rigs at very attractive prices, bringing its total standalone mining fleet to approximately 59,000 rigs, with no payments remaining. The company was able to purchase these new devices with minimal cash outlay and continues to demonstrate its market leadership in managing price cyclicality in the Bitcoin mining market.
“We are making rapid progress toward our goal of completing the Odessa data center in early 2023,” said Tyler Page, CEO of Cipher. “I am extremely proud of our team and their ability to deliver despite the challenging market situation.” In the last year alone, we have brought four large data centers online. We believe that our unwavering focus on unit economics, strong balance sheet and cheap energy will make Cipher the leading miner in the Bitcoin space.
Over the past twelve months, Cipher has deployed 165 MW of capacity and expects to increase to 267 MW in early 2023. The company expects to reach 6 EH/s of standalone mining across the entire portfolio in early 2023.
About Cipher
Cipher is an emerging technology company focused on developing and operating Bitcoin mining data centers in the United States. Cipher is committed to expanding and strengthening the critical infrastructure of the Bitcoin network. Together with its diversely talented team and strategic partnerships, Cipher aims to be the market leader in Bitcoin mining growth and innovation. To learn more about Cipher, visit https://www.ciphermining.com/.
Forward-looking statements
This press release contains certain forward-looking statements within the meaning of US federal securities laws. The Company intends such forward-looking statements to be covered by the forward-looking statement safe harbor provisions contained in the Private Securities Litigation Reform Act of 1995 and incorporates this statement for purposes of compliance with these provisions. about safe harbor. Any statements made in this press release or during the business update conference call that are not statements of historical fact, including statements about our beliefs and expectations regarding our performance, strategy, expansion plans, future operations, future operating results, projected costs, outlook, plans and goals of our management are forward-looking statements and should be evaluated as such. Forward-looking statements include information about possible or assumed future results of operations, including descriptions of our business plan and strategies. These forward-looking statements are generally identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “anticipate,” “opportunity, ” “plan,” “may,” “should,” “will,” “will,” “will,” “continue,” “probably result in” and similar expressions (including negative versions of such words or expressions ).
These forward-looking statements are based on estimates and assumptions that, although Cipher and its management believe to be reasonable, are inherently uncertain. Such forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. New risks and uncertainties may arise from time to time and it is not possible to predict all risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: volatility in the price of Cipher’s securities due to various factors, including changes in the competitive and regulated industry in which Cipher operates, variations in performance among competitors, changes in laws and regulations affecting Cipher’s business and the ability to implement business plans, forecasts and other expectations and to identify and pursue additional opportunities. The preceding list of factors is not exhaustive. You should carefully consider the above factors and other risks and uncertainties described in the “Risk Factors” section of our Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 4, 2022, “ Risk Factors ” sections of our Quarterly Report on Form 10-K filed with the SEC on May 10, 2022 and August 9, 2022, and in Cipher’s subsequent filings with the SEC, including Cipher’s Quarterly Report on Form 10 -K filed with the Securities and Exchange Commission (“SEC”) on November 14, 2022. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. the future. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to place undue reliance on forward-looking statements, and Cipher undertakes no obligation and, except as required by law, does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or the opposite.
Contacts:
Investor contact:
Josh Kane
Head of Investor Relations at Cipher Mining
josh.kane@ciphermining.com
Media contact:
Ryan Dikovicki / Kendall Till
Dukas Linden Public Relations
CipherMining@DLPR.com
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