Cipher Mining Announces January 2023 Operational Update

Cipher Mining Produces 343 Bitcoin and Achieves New All-Time High Hash Rate Capacity of 4.3 EH/s in January 2023

NEW YORK, Feb. 01, 2023 (GLOBE NEWSWIRE) -- Cipher Mining (NASDAQ:CIFR) (“Cipher” or the “Company”), a leading developer and operator of bitcoin mining data centers, today announced its unaudited production and operations update for January 2023.

Key Highlights

Key Metrics	January 2023*
BTC Mined	343
BTC Sold	314
BTC Held	424
Deployed Mining Rigs	41,000
Month End Operating Hash Rate (EH/s)	4.3

*Approximate values

Management Commentary

During the month of January, Cipher continued to expand operations at Odessa, fund our capital expenditures out of operations and build our bitcoin inventory. Cipher started the month with the potential to mine up to ~9.3 bitcoin in a day and finished with the potential to mine ~14.0 bitcoin¹ – a ~51% increase in a single month.

“Our experienced deployment and operations teams worked tirelessly to continue our rapid hash rate build throughout January,” said Tyler Page, CEO of Cipher. “We now have over 3.3 EH/s of self-mining operations at our Odessa facility and approximately 4.3 EH/s of self-mining operations across our sites. Cipher remains on track to build out ~6 EH/s of self-mining capacity in the first quarter of 2023.”

Odessa Data Center Area B & C

Bitcoin Production and Operations Updates for January 2023

During the month of January, Cipher energized 13,300 new Bitmain and MicroBT miners, representing an increase in hash rate of ~1.4 EH/s and a ~48% increase relative to the previous month. With the increase in hash rate, Cipher produced ~343 BTC in January, representing a ~52% increase in production relative to the previous month. As part of its regular treasury management process, Cipher sold ~314 BTC in January, ending the month with a balance of ~424 BTC.

About Cipher

Cipher is an emerging technology company focused on the development and operation of bitcoin mining data centers in the United States. Cipher is dedicated to expanding and strengthening the Bitcoin network's critical infrastructure. Together with its diversely talented team and strategic partnerships, Cipher aims to be a market leader in bitcoin mining growth and innovation. To learn more about Cipher, please visit https://www.ciphermining.com/.