Cipher Mining Announces August 2023 Operational Update

NEW YORK, Sept. 01, 2023 (GLOBE NEWSWIRE) -- Cipher Mining Inc. (NASDAQ:CIFR) (“Cipher” or the “Company”) today released its unaudited production and operations update for August 2023.

Key Highlights

Key Metrics	August 2023*
BTC Mined	357
Power Sales Equivalent BTC1	45
BTC Sold	355
BTC Held	519
Deployed Mining Rigs	68,000
Month End Operating Hash Rate (EH/s)	6.8

*Approximate values

Management Commentary
In August, Cipher continued to expand operations at its Odessa facility and finished the month with the potential to mine up to 16.1 bitcoin² per day.

“Our team delivered another solid month of production in August,” said Tyler Page, CEO of Cipher. “We saw temperatures and power demand in Texas continue to break records, resulting in the most significant monthly curtailment of the year from our power provider at Odessa. Our operations team continued to overcome challenges as they optimized the performance of our mining rigs in the heat. All rigs are now onsite, and we expect to energize them in early September, which will bring our total self-mining hash rate to 7.2 EH/s and complete the final phase of our Odessa build-out. As in previous months, we have also reported additional monthly power sales as a bitcoin equivalent figure in the table above.

“On the corporate side, we also bolstered our treasury management platform this month by adding a $10mm term credit facility with Coinbase. This facility will be available for us to draw on as an additional tool in the future.”

Our Odessa Data Center, with recently deployed infrastructure in the foreground

Bitcoin Production and Operations Updates for August 2023

Cipher continued to finalize the expansion of the infrastructure and installation of the new Canaan rigs at Odessa, bringing Cipher’s total deployed rig count to approximately 68,000. Cipher produced ~357 BTC in August, representing a ~15% decrease in production relative to the previous month. As part of its regular treasury management process, Cipher sold ~355 BTC in August, ending the month with a balance of ~519 BTC.