New 2024 year-end self-mining hash rate target of ~13.5 EH/s with fleet efficiency of ~18.6 J/TH New 2025 year-end self-mining hash rate target of ~35 EH/s with fleet efficiency of ~15 J/TH About Cipher Cipher 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 ...

Core Insights - Cipher Mining Inc. has announced significant upgrades to its mining fleet, targeting a self-mining hash rate of approximately 13.5 EH/s by the end of 2024 and 35 EH/s by the end of 2025, with improvements in fleet efficiency from 18.6 J/TH to 15 J/TH [1][3] Group 1: Mining Fleet Upgrades - The company has amended its existing contract with Bitmain to accelerate the delivery of upgraded S21 Pro mining rigs to the fourth quarter of 2024, instead of the second quarter of 2025 [1][3] - Cipher Mining has entered into a new agreement with Canaan to purchase around 1.25 EH/s of the latest generation A1566 miners, with delivery also expected in the fourth quarter of 2024 [2][3] Group 2: Strategic Planning and Future Growth - The upgrades will allow Cipher to enhance the efficiency of its mining operations immediately, particularly at its Odessa site, while also preparing for the construction of the Black Pearl data center in 2025 [3][4] - The company has secured an option to purchase an additional 160 MW of next-generation miners from Canaan, with pricing locked in near current A1566 prices [2][3]

Momentum investing is all about the idea of following a stock's recent trend, which can be in either direction. In the 'long' context, investors will essentially be "buying high, but hoping to sell even higher." And for investors following this methodology, taking advantage of trends in a stock's price is key; once a stock establishes a course, it is more than likely to continue moving in that direction. The goal is that once a stock heads down a fixed path, it will lead to timely and profitable trades. Whi ...

AMSTERDAM, May 16, 2024 /PRNewswire/ -- Bitfury Group ("Bitfury" or the "Company"), a leading fullservice blockchain technology company, today announced that it has allocated the remaining part of approximately 18.5 million shares held by Bitfury in Cipher Mining, Inc. (NASDAQ:CIFR) ("Cipher") in accordance with plans that were previously outlined into a share reserve for the benefit of both current and former Bitfury employees, consultants, and advisors (or "Bitfury Beneficiaries") who participate in long ...

The recommendations of Wall Street analysts are often relied on by investors when deciding whether to buy, sell, or hold a stock. Media reports about these brokerage-firm-employed (or sell-side) analysts changing their ratings often affect a stock's price. Do they really matter, though?Before we discuss the reliability of brokerage recommendations and how to use them to your advantage, let's see what these Wall Street heavyweights think about Cipher Mining Inc. (CIFR) .Cipher Mining currently has an average ...

Financial Data and Key Metrics - Total assets increased to $250 million as of March 31, up from $156 million at the end of 2023, reflecting a $95 million increase [1] - Cash position remained relatively flat at $88.7 million, slightly up from $86.1 million at the end of 2023 [1] - Bitcoin balance stood at $123.3 million, reflecting 1,730 Bitcoin held in treasury as of March 31, up from 780 Bitcoin valued at $33 million at the end of 2023 [22] - GAAP net income for Q1 2024 was $39.9 million, a 277% sequential increase and a 976% increase from the prior year quarter [72] - Revenues for Q1 2024 were $48.1 million, an 11% sequential increase and a 120% year-over-year increase [73] Business Line Data and Key Metrics - The company mined 924 Bitcoin in Q1 2024, contributing to $48.1 million in revenues [73] - The Odessa facility represents approximately 90% of Bitcoin production, with a five-year fixed-price power purchase agreement and low electricity costs of roughly $0.027 per kilowatt-hour [44][86] - Alborz data center, powered by wind, has mined approximately 168 Bitcoin year-to-date through April 30, with Cipher owning roughly half of the production [87] - Bear and Chief data centers combined operate 20 megawatts, generating approximately 0.7 exahash per second, with expansions expected to quadruple their size [88] Market Data and Key Metrics - The company's self-mining hash rate grew to 7.7 exahash per second as of the end of April [43] - The average all-in electricity cost per Bitcoin produced in Q1 2024 was $11,912 [50] - The company expects to improve rig fleet efficiency from 29 joules per terahash to 22 joules per terahash as expansions at Bear, Chief, and Black Pearl sites are completed [45] Company Strategy and Industry Competition - The company is focused on being a low-cost producer of Bitcoin, leveraging fixed-price power contracts and efficient rig fleets to maintain competitive unit economics [44][79] - Cipher is building out the Black Pearl site, with a total cost forecasted at $420 million, including $200 million for non-rig infrastructure and $220 million for rigs [13][14] - The company is actively managing its Bitcoin treasury, with 2,033 Bitcoin held as of the end of April, and may sell Bitcoin to fund growth initiatives if necessary [19][23] - Cipher is exploring M&A opportunities, particularly in greenfield sites with favorable power arrangements, and is engaged in several ongoing reviews of potential acquisitions [65][134] Management Commentary on Operating Environment and Future Outlook - Management highlighted the anticipated squeeze on miner economics post-halving, with hash price reaching an all-time low of $0.045 per terahash, which is expected to pressure miners with higher costs [34][35] - The company believes that Bitcoin price appreciation will likely follow historical trends post-halving, potentially benefiting miners with tougher economics [10][49] - Cipher is confident in its ability to navigate the post-halving environment due to its low-cost production model and disciplined approach to growth [70][79] Other Important Information - The company has an equity shelf with ample capacity to raise capital if needed, providing flexibility for future growth initiatives [17] - Cipher has a derivative asset related to its Odessa power contract, valued at $101 million as of March 31, reflecting a $7.4 million increase since the end of 2023 [24] - The company has no debt, with a current liquidity position of $213 million as of April 30, comprising $96 million in cash and $117 million worth of Bitcoin [28] Q&A Session Summary Question: Post-halving dynamics and competitor strategies - Management noted that hash price has reached an all-time low post-halving, squeezing miners with higher costs, and expects increased acquisition activity as miners with worse economics struggle [34][35][65] - Cipher is actively reviewing M&A opportunities, particularly in greenfield sites with favorable power arrangements [134] Question: Capital raising and Bitcoin treasury management - The company plans to fund the $420 million Black Pearl project through a combination of cash flow, Bitcoin holdings, and potential equity or debt issuance [16][18] - Cipher maintains an opportunistic approach to Bitcoin sales, balancing growth funding with the goal of increasing its Bitcoin treasury over time [23] Question: Rig pricing and market dynamics - Rig pricing has increased by approximately 15% on a terahash basis, with Cipher's contracted price for T21 rigs at $14 per terahash, below the current market rate [113][128] - The company has optionality in its rig purchase contracts, allowing flexibility to adapt to market conditions [115] Question: AI data centers and power market dynamics - Cipher has been approached about AI-related data center opportunities but remains focused on Bitcoin mining, leveraging its expertise in power management and curtailment [151] - The company sees potential value in its interconnection approvals, which could become increasingly valuable as demand for data center capacity grows [151] Question: M&A strategy and site selection - Cipher is casting a broad net for M&A opportunities, focusing on greenfield sites with favorable power arrangements and potential for operational synergies [134][168] - The company is open to diversifying geographically but remains concentrated in Texas due to its favorable power dynamics and demand response opportunities [179][180]

KEY UPDATES Current 2Q24E 3Q24E 2025 2,033 BTC BTC Held(1) Built to Succeed and Positioned to Win Post-Halving Anticipated Weighted Average Power Price (c/kWh)(1) of Cipher's Portfolio Energized Through Fixed Price Power Current Operating Fleet Efficiency • Full energization on track for Q2 2024 Odessa Timeline Comparison 6 Black Pearl Expansion • Delivering 300 MW of total capacity • Full energization expected in 2025 Bitcoin Mining Business Model 9 (1) At certain sites, Cipher can opportunistically elect ...

34 SIGNATURES CIPHER MINING INC. Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. Date: May 7, 2024 By: /s/ Tyler Page Tyler Page Chief Executive Officer (Principal Executive Of icer) Date: May 7, 2024 By:/s/ Edward Farrell Edward Farrell Chief Financial Officer (Principal Financial Of icer) 35 Title of each class Trading Symbol(s) Name of each exchange on which registered ...

[Cipher Mining First Quarter 2024 Business Update](index=1&type=section&id=Cipher%20Mining%20Provides%20First%20Quarter%202024%20Business%20Update) Cipher Mining reports strong Q1 2024 financial results and accelerated expansion plans, targeting significant hash rate growth by 2025 [Financial and Operational Highlights](index=1&type=section&id=Finance%20and%20Operations%20Highlights) Cipher Mining achieved record GAAP net income and strong adjusted earnings in Q1 2024, while expanding self-mining capacity and advancing new data center construction Q1 2024 Key Financial Metrics | Metric | Amount (USD) | | :--- | :--- | | GAAP Net Income | $40 million | | Non-GAAP Adjusted Earnings | $63 million | | Revenues | $48 million | - The company is expanding its Bear and Chief JV data centers by **30 MW** each, which is expected to add **~1.25 EH/s** of self-mining capacity and be completed in **Q2 2024**[5](index=5&type=chunk) - Construction of the new **300 MW** Black Pearl data center is underway, with land cleared and leveled, and it is on track for energization in **2025**[1](index=1&type=chunk)[5](index=5&type=chunk) [Growth Strategy and Outlook](index=1&type=section&id=Growth%20Strategy%20and%20Outlook) Cipher is accelerating its **300 MW** Black Pearl data center expansion, projecting significant self-mining hash rate growth to **~25.1 EH/s** by end of 2025 Hash Rate Growth Projections | Timeline | Projected Self-Mining Hash Rate | | :--- | :--- | | Current | ~7.7 EH/s | | End of Q3 2024 | ~9.3 EH/s | | End of 2025 | ~25.1 EH/s | - Due to strong progress and financial position, the company has accelerated its plans to build the entire **300 MW** Black Pearl data center in **2025**, with concrete foundations starting this month[1](index=1&type=chunk) - Management is confident that its execution and best-in-class unit economics will position Cipher as a top miner in the post-halving environment[1](index=1&type=chunk) [Financial Statements](index=4&type=section&id=Financial%20Statements) Cipher's Q1 2024 financial statements reflect significant revenue growth, a shift to net income, increased assets from cash and bitcoin, and positive cash flow from financing [Condensed Consolidated Statements of Operations](index=6&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20OPERATIONS) Q1 2024 saw Cipher's revenue increase to **$48.1 million**, achieving **$46.8 million** operating income and **$39.9 million** net income, a significant turnaround from Q1 2023 Q1 2024 vs Q1 2023 Statement of Operations (in thousands, except per share data) | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Revenue - bitcoin mining | $48,137 | $21,895 | | Operating income (loss) | $46,786 | $(4,121) | | Net income (loss) | $39,900 | $(4,553) | | Net income (loss) per share - diluted | $0.13 | $(0.02) | [Condensed Consolidated Balance Sheets](index=4&type=section&id=CONDENSED%20CONSOLIDATED%20BALANCE%20SHEETS) As of March 31, 2024, total assets increased to **$677.1 million**, driven by higher cash and bitcoin holdings, resulting in **$600.9 million** in stockholders' equity Balance Sheet Highlights (in thousands) | Account | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Cash and cash equivalents | $88,675 | $86,105 | | Bitcoin | $123,307 | $32,978 | | Total assets | $677,141 | $566,137 | | Total liabilities | $76,217 | $74,801 | | Total stockholders' equity | $600,924 | $491,336 | [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20CASH%20FLOWS) Q1 2024 saw **$26.6 million** net cash used in operations and **$31.0 million** in investing, offset by **$60.2 million** from financing, leading to a **$2.6 million** net cash increase Q1 2024 vs Q1 2023 Cash Flow Summary (in thousands) | Cash Flow Activity | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net cash used in operating activities | $(26,636) | $(10,142) | | Net cash (used in) provided by investing activities | $(30,957) | $2,618 | | Net cash provided by (used in) financing activities | $60,163 | $(481) | | Net increase (decrease) in cash | $2,570 | $(8,005) | [Non-GAAP Financial Measures](index=10&type=section&id=Non-GAAP%20Financial%20Measures) Cipher's Q1 2024 Non-GAAP Adjusted Earnings reached **$63.0 million**, a significant increase from Q1 2023, after adjusting for various non-cash items Reconciliation of Net Income (Loss) to Adjusted Earnings (in thousands) | Reconciliation Item | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | **Net income (loss)** | **$39,900** | **$(4,553)** | | Change in fair value of derivative asset | $(7,359) | $(5,328) | | Share-based compensation expense | $8,317 | $8,810 | | Depreciation and amortization | $17,244 | $11,655 | | Deferred income tax expense | $5,178 | $53 | | Other adjustments | $(250) | $(2,223) | | **Adjusted earnings** | **$63,030** | **$8,414** | [Other Information](index=1&type=section&id=Other%20Information) This section provides general corporate information, including business overview, forward-looking statement disclaimers, and investor relations contact details - Cipher is an emerging technology company focused on developing and operating bitcoin mining data centers to strengthen the Bitcoin network's infrastructure[11](index=11&type=chunk) - The press release contains forward-looking statements subject to risks and uncertainties, and readers are cautioned not to place undue reliance on them[3](index=3&type=chunk)[7](index=7&type=chunk)[12](index=12&type=chunk) - A conference call and webcast were scheduled for **8:00 a.m. Eastern Time** on **May 7, 2024**, to discuss the results and outlook[2](index=2&type=chunk)[10](index=10&type=chunk)

In the latest market close, Cipher Mining Inc. (CIFR) reached $4.50, with a +1.58% movement compared to the previous day. The stock outpaced the S&P 500's daily gain of 1.02%. On the other hand, the Dow registered a gain of 0.4%, and the technology-centric Nasdaq increased by 2.03%.The company's shares have seen a decrease of 13.98% over the last month, not keeping up with the Business Services sector's loss of 5.04% and the S&P 500's loss of 3.15%.The investment community will be paying close attention to ...