s of Latest Generation Miners from Bitmain

Purchases 7.1 EH/s of latest generation Bitmain T21 miners for $99.5 million, representing a unit price of $14/TH

Secures option to purchase up to an additional 8.7 EH/s at the same fixed price terms

Full purchase order and option would bring total hashrate in operation and under contract to 24.2 EH/s and overall potential fleet efficiency to 22.6 J/TH

Purchase order and option provides a path to the initial buildout at Black Pearl and other near-term expansion opportunities in 2024

NEW YORK, Dec. 18, 2023 (GLOBE NEWSWIRE) -- Cipher Mining Inc. (NASDAQ: CIFR) (“Cipher”), a leading developer and operator of bitcoin mining data centers, announced today that it has entered into an agreement with Bitmain to purchase 37,396 units of the latest generation Antminer T21 miners, representing 7.1 EH/s of self-mining capacity to be delivered in the first half of 2025. Cipher has also purchased the option to acquire an additional 45,706 miners representing 8.7 EH/s in 2024.

Tyler Page, CEO of Cipher, commented, “We are very excited to continue our track record of investing opportunistically during lulls in the bitcoin mining cycle. By acquiring 7.1 EH/s of Bitmain’s T21 mining rigs, we can build out the first 135 MW at our newly acquired Black Pearl site. We also have an option to acquire up to an additional 8.7 EH/s of T21s in 2024. Cipher’s custom software and operations stack, combined with the attractive pricing dynamics in the ERCOT market, will allow us to fully utilize the unique qualities of the T21’s energy modes to maximize profits at Black Pearl. Furthermore, by locking in our price for mining rigs at a very attractive $14/TH, we are controlling our biggest potential capital expense and locking in favorable terms ahead of what we believe will be a bull market for bitcoin.”

“If we choose to exercise our full purchase option, we will have enough mining rigs for another 165MW of infrastructure. We are considering many near-term attractive opportunities for expansion with these rigs at sites in 2024, as well as the continued buildout of Black Pearl in 2025. By securing favorable pricing on rigs, we have now built the foundation for our massive upcoming expansion,” added Mr. Page.

	Total Hash Rate (EH/s)	Efficiency (J/TH)

Cipher's Current Operating Fleet	7.2	31.2
Cipher's Current & Contracted Fleet + Full Purchase Option	24.2	22.6