Cipher Mining Announces January 2024 Operational Update

NEW YORK, Feb. 01, 2024 (GLOBE NEWSWIRE) --  Cipher Mining Inc. (NASDAQ:CIFR) (“Cipher” or the “Company”) today released its unaudited production and operations update for January 2024.

Key Highlights

Key Metrics	January 2024*
BTC Mined	371
Power Sales Equivalent BTC1	8
BTC Sold	34
BTC Held	1,132
Deployed Mining Rigs	70,000
Month End Operating Hash Rate (EH/s)	7.2

*Approximate values

Management Commentary for January
“January featured more challenging market conditions for bitcoin miners compared to previous months, with spikes in overall network hash rate and lower transaction fees. Also, the colder weather and resulting elevated power prices in Texas incentivized curtailment from our power provider at Odessa,” said Tyler Page, CEO of Cipher. “However, given our best-in-class power structure, we continued to generate positive cashflow in our operations and added to our bitcoin inventory. We ended the month with a bitcoin inventory of ~1,132 bitcoin. Additionally, we are pleased to report that we received the first shipment of our new Bitmain S21 mining rigs and look forward to getting them hashing quickly.”

New Bitmain S21 mining rigs being prepared for deployment

Bitcoin Production and Operations Updates for January 2024
Cipher produced ~371 BTC in January, representing a ~20.4% decrease in production versus the previous month amidst average monthly network hash rate increasing ~3.5%. As part of its regular treasury management process, Cipher sold ~34 BTC in January, ending the month with a balance of ~1,132 BTC.

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 leader in bitcoin mining growth and innovation. Cipher’s next earnings call is scheduled for March 5^th. To learn more about Cipher, please visit https://www.ciphermining.com/