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Cipher Mining Inc. Announces Operational Achievements for September 2023

Unaudited production details and operational updates signal continued growth within the cryptocurrency ecosystem

by BiTux
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Cipher Mining Caps September 2023 with Solid Achievements

NEW YORK, Oct 2, 2023 — Cipher Mining Inc. (NASDAQ:CIFR) today made public its unaudited figures of production and operations for the month of September.

Key Highlights of September’s Operations

The crucial performance metrics for September are as follows:

  • Mined Bitcoin: 416[^1^]
  • Power Sales (Bitcoin Equivalent): 33[^2^]
  • Bitcoin Sold: 382
  • Bitcoin Held: 553
  • Deployed Mining Rigs: 70,000
  • Month-end Operating Hash Rate: 7.2 EH/s[^3^]

Please note that these figures are approximations.

On the last day of September, Cipher announced that it had established the working operations at its Odessa establishment, ending the month with the potential to mine up to 16.4 bitcoins[^4^] per day.

“We are thrilled to inform everyone that we’ve accomplished the final stage of the build-out of the Odessa facility. We also successfully achieved our Q3 target of 7.2 EH/s of bitcoin mining capacity across our portfolio,” stated Tyler Page, Cipher’s CEO. “I am proud of our team who put in the work to deliver robust production in a period that saw record-breaking temperatures and demand, as well as significant periods of curtailment from our power provider.”

Cipher has said that it has improved operations over the summer by collecting and analyzing large amounts of data and making changes to optimize the performance of its mining fleet. The company is now fully operational at Odessa with most of its curtailment hours behind it. As previously reported, the firm noted additional monthly power sales in bitcoin equivalent figures.

Bitcoin Operations and Production: September 2023 Recap

Recently, Cipher completed the final touches on its Odessa data center, which accounts for an impressive 70,000 rig count. This number includes the production of ~416 BTC in September. Compared to the previous month, there’s been an approximate 16% increase in production. As part of its standard treasury management, the company sold ~382 Bitcoin in September, ending the month with a total of ~553 BTC.

About Cipher Mining Inc.

Cipher is a cutting-edge technology company dedicated to the development and operations of bitcoin mining data centers. The firm commits to reinforcing and expanding the vital infrastructure of the Bitcoin network. With a talented team and strategic partnerships in place, Cipher seeks to become a forerunner in the growth and innovation of bitcoin mining.

Please comment below to share your thoughts on Cipher’s recent operational and production achievements. Your feedback is highly important to us.

[^1^]: Represents unaudited total of Bitcoin mined for the month of September 2023
[^2^]: Represents unaudited power sales estimates for the month of September (based on current meter data and nodal prices) divided by the Bitcoin price as of September 30, 2023, approximately $26,970
[^3^]: Represents the Month-end Operating Hash Rate in EH/s for the month of September 2023
[^4^]: Assumes network hash rate of 407 EH/s and 933 bitcoins mined per day.

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