Tuesday, March 14, 2023 9:30:24 AM
March 14 2023 - 07:00AM
GlobeNewswire Inc.
https://ih.advfn.com/stock-market/NASDAQ/cipher-mining-CIFR/stock-news/90497353/cipher-mining-provides-fourth-quarter-and-full-yea
Cipher Mining Inc. (NASDAQ: CIFR) (“Cipher” or the “Company”), a leading developer and operator of bitcoin mining data centers, today announced results for its fourth quarter and full year ended December 31, 2022, with an update on its operations and deployment strategy.
“We are pleased to announce financial results that demonstrate our resilient position as a low-cost producer of bitcoin, while we continue our steady march toward the completion of our initial data centers,” said Tyler Page, CEO of Cipher. “As always, our focus is on prudent growth through the cycle, which we can accomplish given the strength of our balance sheet and the significant ramp up at our Odessa facility. As we complete our initial build out at Odessa, we will increase our focus on the tremendous organic growth opportunities we have across our sites, as well as continue to refine our pipeline of potential new projects and new opportunities to drive shareholder value.”
Ed Farrell, CFO of Cipher Mining, said, “We commenced producing revenues in the fourth quarter of 2022 with the energization of our Odessa data center. With the ramp up of Odessa in 2023, we look forward to providing the market with greater detail on our operations, which we believe will illuminate our best-in-class unit economics.”
Finance and Operations Updates
Across four initial data centers, Cipher remains on track to deploy up to ~5.7 EH/s by the end of Q1 2023, with a highly efficient machine fleet, averaging ~31.4 J/TH, purchased at an average price of ~$30.53/TH/s
The weighted average power price at the Company’s current sites is ~2.7 c/kWh
~515 and ~377 bitcoin mined in fiscal year 2022 and the fourth quarter of 2022, respectively
Cipher produced full year 2022 GAAP diluted net loss of $0.16 per share and non-GAAP diluted net loss of $0.26 per share
Recent Developments
Cipher began reporting unaudited monthly production and operations updates in December 2022.
In January 2023, Cipher energized 13,300 new Bitmain and MicroBT miners, representing an increase in hash rate of ~1.4 EH/s and a ~48% increase relative to the previous month. With the increase in hash rate, Cipher produced ~343 bitcoin in January, representing a ~52% increase in production relative to the previous month. At month-end, Cipher reported over 3.3 EH/s of self-mining operations at the Odessa facility and ~4.3 EH/s of self-mining operations across all the sites.
In February 2023, Cipher energized an additional 7,710 new Bitmain and MicroBT miners, representing an increase in hash rate of ~0.9 EH/s and a ~19% increase relative to the previous month. With the increase in hash rate, Cipher produced ~398 bitcoin in February, representing a ~16% increase in production relative to the previous month. At month-end, Cipher reported over 4.2 EH/s of self-mining operations at the Odessa facility and ~5.2 EH/s of self-mining operations across all the sites.
Recent CIFR News
- Canaan Inc. Secures Large Avalon Miner A1566 Purchase Order From Cipher Mining Technologies Inc. • PR Newswire (US) • 06/06/2024 09:30:00 AM
- Cipher Mining Announces Significant Upgrades to its Mining Fleet and Increases Target Hash Rate and Fleet Efficiency for 2024 and 2025 • GlobeNewswire Inc. • 06/05/2024 01:55:03 PM
- Cipher Mining Announces May 2024 Operational Update • GlobeNewswire Inc. • 06/04/2024 01:00:00 PM
- Bitfury Group Commences Next Step of Non-Dilutive Distribution of Cipher Mining Inc. Shares • PR Newswire (US) • 05/16/2024 01:00:00 PM
- Cipher Mining to Participate in the 19th Annual Needham Technology, Media, & Consumer Conference • GlobeNewswire Inc. • 05/09/2024 08:15:00 PM
- Cipher Mining Provides First Quarter 2024 Business Update • GlobeNewswire Inc. • 05/07/2024 11:00:00 AM
- Cipher Mining Announces April 2024 Operational Update • GlobeNewswire Inc. • 05/01/2024 08:05:00 PM
- Cipher Mining Announces Date of First Quarter 2024 Business Update Conference Call • GlobeNewswire Inc. • 04/17/2024 08:05:00 PM
- Cipher Mining Announces March 2024 Operational Update • GlobeNewswire Inc. • 04/01/2024 08:05:00 PM
- Form PRE 14A - Other preliminary proxy statements • Edgar (US Regulatory) • 03/08/2024 09:50:57 PM
- Form 424B5 - Prospectus [Rule 424(b)(5)] • Edgar (US Regulatory) • 03/06/2024 09:38:53 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 03/06/2024 09:34:35 PM
- Form S-8 - Securities to be offered to employees in employee benefit plans • Edgar (US Regulatory) • 03/05/2024 10:06:48 PM
- Form 10-K - Annual report [Section 13 and 15(d), not S-K Item 405] • Edgar (US Regulatory) • 03/05/2024 01:55:46 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 03/05/2024 12:25:08 PM
- Cipher Mining Provides Fourth Quarter and Full Year 2023 Business Update • GlobeNewswire Inc. • 03/05/2024 12:00:00 PM
- U.S. Futures Dip, Crude Oil Fluctuates • IH Market News • 03/05/2024 11:05:54 AM
- Cipher Mining Announces February 2024 Operational Update • GlobeNewswire Inc. • 03/01/2024 09:05:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/27/2024 10:13:39 PM
- Bitfury Group Announces Approval of Distribution of Cipher Mining Inc. Shares • PR Newswire (US) • 02/26/2024 02:00:00 PM
- Form SC 13D/A - General statement of acquisition of beneficial ownership: [Amend] • Edgar (US Regulatory) • 02/26/2024 01:30:27 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/21/2024 10:44:48 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/21/2024 10:41:05 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/21/2024 10:37:20 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/21/2024 10:29:02 PM
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