Core Viewpoint - Cipher Mining Inc. has announced a $2.0 billion offering of 6.125% senior secured notes due 2031, aimed at financing the Black Pearl Facility and other related expenses [1][2]. Group 1: Offering Details - The offering is priced at par and will be sold to qualified institutional buyers under Rule 144A and to non-U.S. persons outside the United States under Regulation S [1][5]. - The expected closing date for the offering is February 11, 2026, subject to market conditions [1][4]. Group 2: Use of Proceeds - The net proceeds from the offering will be used for several purposes: 1. To finance the remaining costs of the Black Pearl Facility in Wink, Texas 2. To reimburse Cipher approximately $232.5 million for prior equity contributions to Cipher Black Pearl LLC 3. To fund debt service reserves 4. To pay fees and expenses related to these activities [2]. Group 3: Security and Guarantees - The notes will be fully and unconditionally guaranteed by Cipher Black Pearl and 11786 Wink LLC, with first-priority liens on substantially all assets of the Issuer and the Guarantors [3]. - Cipher will provide a completion guarantee for the Black Pearl Facility, ensuring funding if the proceeds from the notes are insufficient [4]. Group 4: Company Overview - Cipher focuses on developing and operating industrial-scale data centers for bitcoin mining and high-performance computing (HPC) hosting, aiming to lead in innovation within these sectors [7].

Core Viewpoint - Cipher Mining Inc. has provided an operational update for May 2025, highlighting its bitcoin production, sales, and ongoing developments at its Black Pearl site [1]. Production and Operations Summary - In May 2025, Cipher mined approximately 179 BTC and sold around 64 BTC, ending the month with a total of approximately 966 BTC held [2][4]. - The company deployed 75,000 mining rigs, achieving a month-end operating hashrate of 13.5 EH/s and a fleet efficiency of 18.9 J/TH [2]. Financial Metrics - The estimated power sales for May are equivalent to about 4 BTC, based on a month-end bitcoin price of $104,430, and approximately 23 BTC mined at joint venture data centers representing Cipher's ownership [2][11]. - Cipher has approximately 334 BTC pledged as collateral [2][11]. Management Commentary - Cipher is making significant progress at the Black Pearl site, with the Phase I building nearly complete and legacy rigs from the Odessa upgrade relocated and ready for energization [3]. - The company has purchased additional mining rigs to utilize the full 150 MW power capacity at Phase I of Black Pearl, expecting to increase its hashrate capacity from approximately 13.5 EH/s to 23.1 EH/s upon deployment of the new rigs in early July [3]. Company Overview - Cipher focuses on developing and operating industrial-scale data centers for bitcoin mining and high-performance computing (HPC) hosting, aiming to be a market leader in innovation within the industry [6].