Cipher Mining Announces April 2024 Operational Update

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

Key Highlights

Key Metrics	April 2024
BTC Mined1	296
BTC Sold	0
BTC Held	2,033
Deployed Mining Rigs	70,000
Month End Operating Hash Rate (EH/s)	7.7

¹ Includes April power sales estimates (based on current meter data and nodal prices) equivalent to 3 bitcoin (using month-end bitcoin price of $60,171)

Management Commentary for April

In April, block 840,000 ushered in Bitcoin’s fifth epoch and reduced the issuance of new bitcoin to 3.125 roughly every 10 minutes going forward. After a brief spike in network transaction fees that produced daily revenues well in excess of a typical day prior to the halving, production normalized for the final few days of the month. Against this backdrop, Cipher continued to build its inventory while making good progress on site expansions.

“With the halving behind us, we have finally arrived at the moment Cipher has been anticipating for years, and going forward we look to reap the benefits of our positioning in the market as a low-cost producer,” said Tyler Page, CEO of Cipher. “We look forward to updating investors on our operations, financials and growth plans next week on our Q1 2024 earnings call.”

As a reminder, we will host our earnings call on Tuesday, May 7^th at 8:00 a.m. Eastern Time. For anyone interested in participating, we’d encourage you to register here or access the webcast through our investor website at https://investors.ciphermining.com.

Completed infrastructure at Bear with 30 MW expansion on track for Q2 2024 energization

Bitcoin Production and Operations Updates for April 2024

Cipher produced ~296¹ BTC in April amidst average monthly network hash rate increasing ~4.8%. As part of its regular treasury management process, Cipher sold 0 BTC in April, ending the month with a balance of ~2,033 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. To learn more about Cipher, please visit https://www.ciphermining.com/.