{"id":744846,"date":"2023-04-03T16:14:44","date_gmt":"2023-04-03T20:14:44","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/cipher-mining-announces-march-2023-operational-update\/"},"modified":"2023-04-03T16:14:44","modified_gmt":"2023-04-03T20:14:44","slug":"cipher-mining-announces-march-2023-operational-update","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/cipher-mining-announces-march-2023-operational-update\/","title":{"rendered":"Cipher Mining Announces March 2023 Operational Update"},"content":{"rendered":"<h2>\nLeading Bitcoin Miner Produces 413 Bitcoin and Achieves New All-Time High Hash Rate Capacity of 5.7 EH\/s in March 2023<br \/>\n<\/h2>\n<div class=\"mw_release\">\n<p align=\"left\">NEW YORK, April  03, 2023  (GLOBE NEWSWIRE) &#8212; <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=QJJgNnbQBsr-vEDgjagoBehms70xgPDbjpuNLRXEfItAOAXnSDLuW2Lx_MqB3x8fNZPrtlgjVKQiQIPUFG-daoJduGiK3-ZlktI6l8IpxbY=\" rel=\"nofollow noopener\" target=\"_blank\"><strong><u>Cipher Mining Inc.<\/u><\/strong><\/a><strong> (NASDAQ:CIFR) <\/strong>(\u201cCipher\u201d or the \u201cCompany\u201d), a leading developer and operator of bitcoin mining data centers, today released its unaudited production and operations update for March 2023.<\/p>\n<p>\n        <strong>Key Highlights<\/strong>\n      <\/p>\n<table style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: top\">\n            <strong>Key Metrics<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\n            <strong>March 2023*<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: top\">\n            <strong>BTC Mined<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\n            <strong>413<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: top\">\n            <strong>BTC Sold<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\n            <strong>450<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: top\">\n            <strong>BTC Held<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\n            <strong>427<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: top\">\n            <strong>Deployed Mining Rigs<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\n            <strong>53,500<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: top\">\n            <strong>Month End Operating Hash Rate (EH\/s)<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\n            <strong>5.7<\/strong>\n          <\/td>\n<\/tr>\n<\/table>\n<p>*Approximate values<\/p>\n<p>\n        <strong>Management Commentary <\/strong><br \/>\n        <br \/>During the month of March, Cipher expanded operations at its Odessa facility while funding both operating expenses and capital expenditures through ongoing operations. Cipher finished March with the potential to mine nearly 16 bitcoin<sup>1<\/sup> per day.<\/p>\n<p>\u201cWe continue to make great progress on the buildout of our Odessa facility and now have over 4.7 EH\/s of self-mining operations there, bringing our total self-mining capacity to 5.7 EH\/s across all of our sites,\u201d said Tyler Page, CEO of Cipher. \u201cWith our best-in-class unit economics, we were able to fund ongoing capex for Odessa from operations in March, without resorting to dilutive equity issuance or costly debt financing. In addition to mining bitcoin throughout the month, we managed our power usage to maximize our dollar-based output. There were times when we curtailed our mining so that we could sell power in the market, and there were also periods in the month when our Odessa power provider spent hours from their annual curtailment budget, potentially presenting us with greater power selling opportunities later in 2023. With the shipments of miners arriving at Odessa in April, we expect to achieve our initial goal of 6 EH\/s, and we look forward to completing the Odessa infrastructure buildout in the second quarter.\u201d<\/p>\n<p>\n        \n      <\/p>\n<p>\n        <strong>Bitcoin Production and Operations Updates for March 2023<br \/><\/strong>During the month of March, Cipher energized 5,023 new Bitmain and MicroBT miners, representing an increase in hash rate of ~0.5 EH\/s and a ~10% increase relative to the previous month. With the increase in hash rate, Cipher produced ~413 BTC in March, representing a ~4% increase in production relative to the previous month. As part of its regular treasury management process, Cipher sold ~450 BTC in March, ending the month with a balance of ~427 BTC.<\/p>\n<p align=\"left\">\n        <strong>About Cipher<\/strong><br \/>\n        <br \/>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&#8217;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 <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=lS9P6VW1KQrEigk_lb9Q5U9Z7RD-sbXJLFyERX2Hza_7hgH_3DPb_Wv-078KVoZseRBhnCS5J8xveyt81OB5ze0CqTVLLoV4oIU-i5DEDwY=\" rel=\"nofollow noopener\" target=\"_blank\"><u>https:\/\/www.ciphermining.com\/<\/u><\/a>.<\/p>\n<p align=\"left\">\n        <strong>Forward Looking Statements<\/strong><br \/>\n        <br \/>This press release contains certain forward-looking statements within the meaning of the federal securities laws of the United States. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with these safe harbor provisions. Any statements made in this press release that are not statements of historical fact, including statements about our beliefs and expectations regarding our future results of operations and financial position, business strategy, timing and likelihood of success, potential expansion of bitcoin mining data centers, and management plans and objectives, are forward-looking statements and should be evaluated as such. Forward-looking statements include information concerning possible or assumed future results of operations, including descriptions of our business plan and strategies. These forward-looking statements generally are identified by the words \u201cmay,\u201d \u201cwill,\u201d \u201cshould,\u201d \u201cexpects,\u201d \u201cplans,\u201d \u201canticipates,\u201d \u201ccould,\u201d \u201cseeks,\u201d \u201cintends,\u201d \u201ctargets,\u201d \u201cprojects,\u201d \u201ccontemplates,\u201d \u201cbelieves,\u201d \u201cestimates,\u201d \u201cstrategy,\u201d \u201cfuture,\u201d \u201cforecasts,\u201d \u201copportunity,\u201d \u201cpredicts,\u201d \u201cpotential,\u201d \u201cwould,\u201d \u201cwill likely result,\u201d \u201ccontinue,\u201d and similar expressions (including the negative versions of such words or expressions).<\/p>\n<p align=\"left\">These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by Cipher and our management, are inherently uncertain. Such forward-looking statements are subject to risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied by such forward looking statements. New risks and uncertainties may emerge from time to time, and it is not possible to predict all risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: volatility in the price of Cipher\u2019s securities due to a variety of factors, including changes in the competitive and regulated industry in which Cipher operates, variations in performance across competitors, changes in laws and regulations affecting Cipher\u2019s business, and the ability to implement business plans, forecasts, and other expectations and to identify and realize additional opportunities. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the \u201cRisk Factors\u201d section of our Annual Report on Form 10-K filed with the Securities and Exchange Commission (\u201cSEC\u201d) on March 14, 2023, and in Cipher\u2019s subsequent filings with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Cipher assumes no obligation and, except as required by law, does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.<\/p>\n<p align=\"left\">\n        <strong>Contacts:<\/strong><br \/>\n        <br \/>\n        <strong>Investor Contact:<\/strong><br \/>\n        <br \/>Josh Kane<br \/>Head of Investor Relations at Cipher Mining<br \/><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=1iDWyyzmUSiKVeA9P0-CXkJU-bhCRogbLfi3ShGvQddWcZeToGamW9TFo3EsVaae6YWjkOl_vN4CcmBpsWdWE7zdGq7HshYfGVlImAzOL08nFiQvfNSnt969OXq0B82NjUMM3Y5r_JkBfHHSLiZqjrjE7Lc256gkI1PND88W2VHd-YzwI_Q9UXk4a7WS1a2MUEKszQeJNIPWyY72mTvkM01bUbuKOwlj4vZNVsD4avX-bDVJlCgQHXX89F8RXu3qRyVc6BgDGljv1WpZwlWYsvIdKvhoI9gQUAGiTXAs-TM=\" rel=\"nofollow noopener\" target=\"_blank\"><u>josh.kane@ciphermining.com<\/u><\/a><\/p>\n<p align=\"left\">\n        <strong>Media Contact:<\/strong><br \/>\n        <br \/>Ryan Dicovitsky \/ Kendal Till<br \/>Dukas Linden Public Relations<br \/><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=QJJgNnbQBsr-vEDgjagoBRE4WGJf_XjInxwLpKnmBHfmvJ0D9DyAheRt36pnkfYUVHXGt4xPqxlQnjoDDNgbuxk3M6l-67H3YsvaL1hIVY8MNzEkD_MxyGds44cT9SpAXqL3BDlO6cwtZaFbHaG-FNR-b7RRFzzV6OJkEeB8zvWSB5ZAgyrBfSC5cgdzX34lOdbDXYctHP-pGZTfDOFfkx2ia-Vs5ZtXQZrGVzhGetQzujD2_oSeQLnXRzIREPKqQoCh5vnKel9OtjdoCNDblQ==\" rel=\"nofollow noopener\" target=\"_blank\"><u>CipherMining@DLPR.com<\/u><\/a><\/p>\n<hr \/>\n<p align=\"left\">\n        <sup><br \/>\n          <sup>1<\/sup><br \/>\n        <\/sup> Assumes network hash rate of 332 EH\/s and 930 bitcoins mined per day<\/p>\n<p>A photo accompanying this announcement is available at <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=lS9P6VW1KQrEigk_lb9Q5UPzmPXnEDXpP57VfuhgPVjsbqGiBaHhI8Rq3ksdCsBPH3ZHKdC_qcv4dLUcDmdr8Ph8jFAARDQz8d02r-8JqEKh1RZ4kFTb05czCI0-DBORitOCW6lLy349HJ5bgtfBjpoGUMlh6a05feQOKhBbo0RSX_xyIRPei6eWgAdr3WlTnLzVKqroxd7q9Y9RpPlttwAQhEhvjfRFo42qpyNqFCY6Zx5docQlHlnr8-wcyiXsxIZSAumNNywnBsqkjm7tQA==\" rel=\"nofollow noopener\" target=\"_blank\">https:\/\/www.globenewswire.com\/NewsRoom\/AttachmentNg\/b42b11d5-1490-4e9c-8678-76c20feb315a<\/a><\/p>\n<p>      <img decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODgwMTA3MyM1NTA3Mzc2IzIyMTAwOTA=\" \/><br \/>\n      <br \/>\n      <img decoding=\"async\" src=\"https:\/\/ml.globenewswire.com\/media\/NDM3ZTU1NGQtYTVjYy00NGQzLTkwYzQtYThhNDA4ZjEzNmFhLTEyMjE2NDM=\/tiny\/Cipher-Mining-Inc-.png\" \/>\n    <\/div>\n<div class=\"mw_contactinfo\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Leading Bitcoin Miner Produces 413 Bitcoin and Achieves New All-Time High Hash Rate Capacity of 5.7 EH\/s in March 2023 NEW YORK, April 03, 2023 (GLOBE NEWSWIRE) &#8212; Cipher Mining Inc. (NASDAQ:CIFR) (\u201cCipher\u201d or the \u201cCompany\u201d), a leading developer and operator of bitcoin mining data centers, today released its unaudited production and operations update for March 2023. Key Highlights Key Metrics March 2023* BTC Mined 413 BTC Sold 450 BTC Held 427 Deployed Mining Rigs 53,500 Month End Operating Hash Rate (EH\/s) 5.7 *Approximate values Management Commentary During the month of March, Cipher expanded operations at its Odessa facility while funding both operating expenses and capital expenditures through ongoing operations. Cipher finished March with the potential to mine nearly 16 &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/cipher-mining-announces-march-2023-operational-update\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Cipher Mining Announces March 2023 Operational Update&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-744846","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Cipher Mining Announces March 2023 Operational Update - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/cipher-mining-announces-march-2023-operational-update\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Cipher Mining Announces March 2023 Operational Update - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Leading Bitcoin Miner Produces 413 Bitcoin and Achieves New All-Time High Hash Rate Capacity of 5.7 EH\/s in March 2023 NEW YORK, April 03, 2023 (GLOBE NEWSWIRE) &#8212; Cipher Mining Inc. (NASDAQ:CIFR) (\u201cCipher\u201d or the \u201cCompany\u201d), a leading developer and operator of bitcoin mining data centers, today released its unaudited production and operations update for March 2023. Key Highlights Key Metrics March 2023* BTC Mined 413 BTC Sold 450 BTC Held 427 Deployed Mining Rigs 53,500 Month End Operating Hash Rate (EH\/s) 5.7 *Approximate values Management Commentary During the month of March, Cipher expanded operations at its Odessa facility while funding both operating expenses and capital expenditures through ongoing operations. 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Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/cipher-mining-announces-march-2023-operational-update\/","og_locale":"en_US","og_type":"article","og_title":"Cipher Mining Announces March 2023 Operational Update - Market Newsdesk","og_description":"Leading Bitcoin Miner Produces 413 Bitcoin and Achieves New All-Time High Hash Rate Capacity of 5.7 EH\/s in March 2023 NEW YORK, April 03, 2023 (GLOBE NEWSWIRE) &#8212; Cipher Mining Inc. (NASDAQ:CIFR) (\u201cCipher\u201d or the \u201cCompany\u201d), a leading developer and operator of bitcoin mining data centers, today released its unaudited production and operations update for March 2023. Key Highlights Key Metrics March 2023* BTC Mined 413 BTC Sold 450 BTC Held 427 Deployed Mining Rigs 53,500 Month End Operating Hash Rate (EH\/s) 5.7 *Approximate values Management Commentary During the month of March, Cipher expanded operations at its Odessa facility while funding both operating expenses and capital expenditures through ongoing operations. Cipher finished March with the potential to mine nearly 16 &hellip; Continue reading \"Cipher Mining Announces March 2023 Operational Update\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/cipher-mining-announces-march-2023-operational-update\/","og_site_name":"Market Newsdesk","article_published_time":"2023-04-03T20:14:44+00:00","og_image":[{"url":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODgwMTA3MyM1NTA3Mzc2IzIyMTAwOTA=","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"5 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/cipher-mining-announces-march-2023-operational-update\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/cipher-mining-announces-march-2023-operational-update\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"Cipher Mining Announces March 2023 Operational Update","datePublished":"2023-04-03T20:14:44+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/cipher-mining-announces-march-2023-operational-update\/"},"wordCount":965,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/cipher-mining-announces-march-2023-operational-update\/#primaryimage"},"thumbnailUrl":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODgwMTA3MyM1NTA3Mzc2IzIyMTAwOTA=","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/cipher-mining-announces-march-2023-operational-update\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/cipher-mining-announces-march-2023-operational-update\/","name":"Cipher Mining Announces March 2023 Operational Update - 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