Cipher Mining Announces Leadership Team Promotions

Patrick Kelly and Will Iwaschuk to Serve as Co-Presidents

Olivia Stennett to Serve as Chief Administrative Officer

Fintech and Finance Veterans Will Assume Additional Leadership Responsibilities to Further Bitcoin Mining and Adjacent Business Growth Opportunities

NEW YORK, March 20, 2023 (GLOBE NEWSWIRE) -- Cipher Mining Inc. (NASDAQ: CIFR) (“Cipher” or the “Company”), a leading developer and operator of bitcoin mining data centers, today announced that Patrick Kelly and Will Iwaschuk have been promoted to Co-President, and that Olivia Stennett has been promoted to Chief Administrative Officer.

As Co-Presidents, Mr. Kelly and Mr. Iwaschuk will lead and scale Cipher’s growth and business operations, including bitcoin mining and potential adjacent opportunities. They will continue to report to Cipher’s Chief Executive Officer, Tyler Page. As Chief Administrative Officer, Ms. Stennett will lead Cipher’s corporate administrative functions as the Company continues its rapid growth. She will continue to report to Mr. Iwaschuk.

“At all levels, Cipher’s team is its greatest competitive advantage, and we are fortunate to have all three of these talented leaders,” said Mr. Page. “Patrick and Will have decades of experience in finance and fintech, building businesses, and developing and mentoring high performing teams. They have been part of the executive management team at Cipher since well before we went public, and they have been instrumental in growing Cipher from a greenfield startup to one of the largest bitcoin mining companies in the world.”

“Everyone at Cipher has been quietly working hard to get to this exciting stage of the Company’s growth. I am grateful for the opportunity to work with this talented team as we expand our opportunities and impact,” said Mr. Iwaschuk.

Mr. Kelly added, “Cipher is quickly becoming a recognized leader in bitcoin mining in the United States, and it has been my privilege to help build Cipher’s amazing team of dedicated professionals and drive that growth from the start.”

“Olivia is a big part of Cipher’s corporate growth story,” continued Mr. Iwaschuk. “She has had a positive influence on every aspect of the Company since joining us last spring, from leading our human resources function to helping the firm structure and diversify its counterparty risk.”

Mr. Kelly is also Cipher's Chief Operating Officer, and will continue in that role, in addition to being Co-President. Prior to joining Cipher, Mr. Kelly was a co-founder and Chief Operating Officer at Stone Ridge Asset Management, Chief Operating Officer of Quantitative Strategies at Magnetar Capital, and Head of Portfolio Valuation at D. E. Shaw & Co. Mr. Kelly is a Chartered Financial Analyst (CFA) and received his B.S. in Finance from DePaul University.