Cipher Mining Announces November 2023 Operational Update
December 04 2023 - 7:00AM
Cipher Mining Inc. (NASDAQ:CIFR)
(“Cipher” or the “Company”) today released its unaudited production
and operations update for November 2023.
Key Highlights
Key Metrics |
November 2023* |
BTC Mined |
433 |
Power Sales Equivalent BTC1 |
9 |
BTC Sold |
391 |
BTC Held |
558 |
Deployed Mining Rigs |
70,000 |
Month End Operating Hash Rate (EH/s) |
7.2 |
*Approximate values
Management Commentary for November
“Cipher’s production really hit its stride in November, when we
mined more bitcoin than October despite having a day less on the
calendar and average monthly network hash rate rising ~6.5%
month-over-month. With Odessa fully up and running, we have
continued to focus on improving machine repairs and available
uptime, allowing us to achieve an all-time high site hash rate of
~6.24 EH/s at Odessa alone. We finished the month with the
potential to mine up to ~15.7 bitcoin2 per day and continue to
build our bitcoin inventory, ending the month with approximately
558 BTC,” said Tyler Page, CEO of Cipher.
Cipher Mining’s Odessa
Facility
About
CipherCipher is an emerging technology company focused on
the development and operation of bitcoin mining data centers.
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/
Forward Looking
StatementsThis press release contains certain
forward-looking statements within the meaning of the federal
securities laws of the United States. The Company intends such
forward-looking statements to be covered by the safe harbor
provisions for forward-looking statements contained in the Private
Securities Litigation Reform Act of 1995 and includes this
statement for purposes of complying with these safe harbor
provisions. Any statements made in this press release that are not
statements of historical fact, including statements about our
beliefs and expectations regarding our future results of operations
and financial position, business strategy, timing and likelihood of
success, potential expansion of or additional bitcoin mining data
centers, expectations regarding the operations of mining centers,
and management plans and objectives, are forward-looking statements
and should be evaluated as such. Forward-looking statements include
information concerning possible or assumed future results of
operations, including descriptions of our business plan and
strategies. These forward-looking statements generally are
identified by the words “may,” “will,” “should,” “expects,”
“plans,” “anticipates,” “could,” “seeks,” “intends,” “targets,”
“projects,” “contemplates,” “believes,” “estimates,” “strategy,”
“future,” “forecasts,” “opportunity,” “predicts,” “potential,”
“would,” “will likely result,” “continue,” and similar expressions
(including the negative versions of such words or expressions).
These forward-looking
statements are based upon estimates and assumptions that, while
considered reasonable by Cipher and our management, are inherently
uncertain. Such forward-looking statements are subject to risks,
uncertainties, and other factors that could cause actual results to
differ materially from those expressed or implied by such forward
looking statements. New risks and uncertainties may emerge from
time to time, and it is not possible to predict all risks and
uncertainties. Many factors could cause actual future events to
differ materially from the forward-looking statements in this press
release, including but not limited to: volatility in the price of
Cipher’s securities due to a variety of factors, including changes
in the competitive and regulated industry in which Cipher operates,
variations in performance across competitors, changes in laws and
regulations affecting Cipher’s business, and the ability to
implement business plans, forecasts, and other expectations and to
identify and realize additional opportunities. The foregoing list
of factors is not exhaustive. You should carefully consider the
foregoing factors and the other risks and uncertainties described
in the “Risk Factors” section of our Annual Report on Form 10-K
filed with the Securities and Exchange Commission (“SEC”) on March
14, 2023, and in Cipher’s subsequent filings with the SEC. These
filings identify and address other important risks and
uncertainties that could cause actual events and results to differ
materially from those contained in the forward-looking statements.
Forward-looking statements speak only as of the date they are made.
Readers are cautioned not to put undue reliance on forward-looking
statements, and Cipher assumes no obligation and, except as
required by law, does not intend to update or revise these
forward-looking statements, whether as a result of new information,
future events, or otherwise.
Contacts:Investor Contact:Josh
KaneHead of Investor Relations at Cipher
Miningjosh.kane@ciphermining.com
Media
Contact:Ryan Dicovitsky / Kendal TillDukas Linden Public
RelationsCipherMining@DLPR.com
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/24b14d7d-f02b-4ec6-a548-cdbf3ae16dce
1 Represents unaudited
power sales estimates for the month of November (based on current
meter data and nodal prices) divided by the bitcoin price as of
November 30, 2023 of ~$37,7122 Assumes network hash rate of 472
EH/s and 1,029 bitcoins mined per day
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