Cipher Mining Announces June 2023 Operational Update

NEW YORK, July 05, 2023 (GLOBE NEWSWIRE) -- Cipher Mining Inc. (NASDAQ:CIFR) (“Cipher” or the “Company”) today released its unaudited production and operations update for June 2023.

Key Highlights

Key Metrics	June 2023*
BTC Mined	360
Power Sales Equivalent BTC1	41
BTC Sold	350
BTC Held	417
Deployed Mining Rigs	65,000
Month End Operating Hash Rate (EH/s)	6.7

*Approximate values

Management Commentary
In June, Cipher continued to expand operations at its Odessa facility and finished June with the potential to mine up to 17.1 bitcoin² per day.

“The month of June featured challenging operating conditions. Texas experienced record high temperatures, weak wind production and record demand for power as we entered the critical 4CP summer months,” said Tyler Page, CEO of Cipher. “Against this backdrop, we are delighted to announce production numbers that reflect not only our ability to navigate tough operating conditions and manage our mining fleet during extreme temperatures, but also our optimization of production through power sales. In this month’s report, we introduced a Power Sales Equivalent BTC line item that is not included in our BTC Mined statistic and is an estimate of our incremental power sales for the month expressed in bitcoin terms. We hope this provides insight into our monthly revenue potential beyond just our bitcoin production. With the extreme demand for power in June, we also saw our Odessa PPA counterparty use a significant amount of their annual curtailment budget, which demonstrates the value of bitcoin mining as an industry in supporting the grid at its most vulnerable times and positions us well for the remainder of 2023 if market power prices remain high.”

“As we continue to expand our mining capacity, we aim to deliver operational excellence, even in the hot Texas summer. Our team focuses on efficient optimization of the portfolio, whether that is through the mix of rigs in use, underclocking our machines, or selling power back to the grid at the most valuable times. We are also pleased to announce that we have taken delivery of all 11,000 Canaan rigs that we recently purchased. And with the final build out of the infrastructure in the next few months, we are well on track to deliver on our goal of 7.2 EH/s by the end of Q3.”