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].