{"id":767788,"date":"2023-07-05T11:47:49","date_gmt":"2023-07-05T15:47:49","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/cipher-mining-announces-june-2023-operational-update\/"},"modified":"2023-07-05T11:47:49","modified_gmt":"2023-07-05T15:47:49","slug":"cipher-mining-announces-june-2023-operational-update","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/cipher-mining-announces-june-2023-operational-update\/","title":{"rendered":"Cipher Mining Announces June 2023 Operational Update"},"content":{"rendered":"<div class=\"mw_release\">\n<p align=\"left\">NEW YORK, July  05, 2023  (GLOBE NEWSWIRE) &#8212; <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=P0WGngNhQw_c2zYa0BHiErf0vv4D-wp3MO71Eyr2hXBWvXc9rZYoyZWTh26Kn0fAB4YW8UTmf-yO21lfragAskOMFLLburGuT47DB3dUcvI=\" rel=\"nofollow noopener\" target=\"_blank\"><strong><u>Cipher Mining Inc.<\/u><\/strong><\/a><strong> (NASDAQ:CIFR) <\/strong>(\u201cCipher\u201d or the \u201cCompany\u201d) today released its unaudited production and operations update for June 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>June 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>360<\/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>Power Sales Equivalent BTC<\/strong><br \/>\n            <sup><br \/>\n              <strong>1<\/strong><br \/>\n            <\/sup>\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>41<\/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>350<\/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>417<\/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>65,000<\/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>6.7<\/strong>\n          <\/td>\n<\/tr>\n<\/table>\n<p>*Approximate values<\/p>\n<p>\n        <strong>Management Commentary <\/strong><br \/>\n        <br \/>In June, Cipher continued to expand operations at its Odessa facility and finished June with the potential to mine up to 17.1 bitcoin<sup>2<\/sup> per day.<\/p>\n<p>\u201cThe month of June featured challenging operating conditions. Texas experienced record high temperatures, weak wind production and record demand for power as we entered the critical 4CP summer months,\u201d said Tyler Page, CEO of Cipher. \u201cAgainst this backdrop, we are delighted to announce production numbers that reflect not only our ability to navigate tough operating conditions and manage our mining fleet during extreme temperatures, but also our optimization of production through power sales. In this month\u2019s report, we introduced a Power Sales Equivalent BTC line item that is not included in our BTC Mined statistic and is an estimate of our incremental power sales for the month expressed in bitcoin terms. We hope this provides insight into our monthly revenue potential beyond just our bitcoin production. With the extreme demand for power in June, we also saw our Odessa PPA counterparty use a significant amount of their annual curtailment budget, which demonstrates the value of bitcoin mining as an industry in supporting the grid at its most vulnerable times and positions us well for the remainder of 2023 if market power prices remain high.\u201d<\/p>\n<p>\u201cAs we continue to expand our mining capacity, we aim to deliver operational excellence, even in the hot Texas summer. Our team focuses on efficient optimization of the portfolio, whether that is through the mix of rigs in use, underclocking our machines, or selling power back to the grid at the most valuable times. We are also pleased to announce that we have taken delivery of all 11,000 Canaan rigs that we recently purchased. And with the final build out of the infrastructure in the next few months, we are well on track to deliver on our goal of 7.2 EH\/s by the end of Q3.\u201d<\/p>\n<p>\n        \n      <\/p>\n<p>\n        <em>Satellite Image of the Odessa Data Center<\/em>\n      <\/p>\n<p>\n        <em><br \/>\n          <br \/>\n        <\/em>\n      <\/p>\n<p>\n        <em>Final Shipment of Canaan Rigs<\/em>\n      <\/p>\n<p>\n        <strong>Bitcoin Production and Operations Updates for June 2023<br \/><\/strong>Cipher received the delivery of all 11,000 Canaan rigs recently purchased and incrementally began to energize the new rigs during the month of June, bringing Cipher\u2019s total deployed rig count to approximately 65,000. Cipher produced ~360 BTC in June, representing a ~27% decrease in production relative to the previous month. As part of its regular treasury management process, Cipher sold ~350 BTC in June and executed its first bitcoin futures and options trades, ending the month with a balance of ~417 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=CuY2KRQltu1IKe6zV5r7VcSStC-kvWjTKRSDmI-v5Q7ODRM2qOEhqTX5gbEysDaBYlI497oCwnYVNwtN211NvYh0V3245gJdZtf6r7Z-BytyGNzy_1qED-JT5Jl2bHmz\" 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 \/><u><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=H4NKWUf3RiSYfB5OOye5g3KdEHqjJRDY-tjkFyxjHCSeJAL8TSojO4yosN0l-9IrptlHsUqhRdk0FlbikJitQy4lAzDVYiLqwgQgQWIOjcgfJ6hhwXjZfVlzwOD_Qdgx\" rel=\"nofollow noopener\" target=\"_blank\">josh.kane@ciphermining.com<\/a><\/u><\/p>\n<p align=\"left\">\n        <strong>Media Contact:<\/strong><br \/>\n        <br \/>Ryan Dicovitsky \/ Kendal Till<br \/>Dukas Linden Public Relations<br \/><u><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=P0WGngNhQw_c2zYa0BHiEkq4v25_VKAfWZfoBL2hAPWB55wbUJgMxx-2cqZsfZTXi6HBQSAUugc-MAXiinUqyeJuJbOsQhk_osQv44T24Uo=\" rel=\"nofollow noopener\" target=\"_blank\">CipherMining@DLPR.com<\/a><\/u><\/p>\n<p>Photos accompanying this announcement\u00a0are available at :<\/p>\n<p>\n        <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=CuY2KRQltu1IKe6zV5r7Vab1IBuKQy8wNbKQY3_kgA4k5WT5wHDtGJNV7CsWbFyiUjZUQzMhDmH0XVF9cOYAYq38pcEIMjshxd1obpBeSYC9aEvcXzsavzYrogqPufiw_lmB7-hFX_yAhSmAbqx3b4-Femajb31SyoS9_5nv96wGiRdHAH1dr4C8QSKuQNrUldHriNcJDANvcbiqPwNO_XgvvxcKpBQy8GLmVFQ-lwc1iP-4HQHbbQn3Pi8jwv_hcd7TVksQ5zo_U0iv8NMB1g==\" rel=\"nofollow noopener\" target=\"_blank\">https:\/\/www.globenewswire.com\/NewsRoom\/AttachmentNg\/f59e7611-1e4c-43d1-8b96-11a5aefeb9c2<\/a>\n      <\/p>\n<p>\n        <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=CuY2KRQltu1IKe6zV5r7Vab1IBuKQy8wNbKQY3_kgA4k5WT5wHDtGJNV7CsWbFyiUyva98-mJ4YLd9I5ML6LfggSO7uaf3kMxzYykJvy35q3_mW0mZjipQU1fteHicJZzKIguBr8jka4vI4hn8_r3QgQkONjSYSUJ7VrpSJxvuznsFc7jE61rdKMR-AmZ42FpyERA34FUwSufxULdkFfPV_HvqfOtCXomSkcj-QGtD5i_6wru7oyGgpAcmxTz4x6PyxDC2WehvRAZuVjf9dnzw==\" rel=\"nofollow noopener\" target=\"_blank\">https:\/\/www.globenewswire.com\/NewsRoom\/AttachmentNg\/eefe09d1-48c7-4ddf-82bf-1592c3868643<\/a>\n      <\/p>\n<p align=\"left\">______________________<\/p>\n<p align=\"left\">\n        <sup><br \/>\n          <sup>1<\/sup><br \/>\n        <\/sup> Represents unaudited power sales estimates for the month of June (based on current meter data and nodal prices) divided by the bitcoin price as of June 30, 2023 of ~$30,449 <br \/><sup><sup>2<\/sup><\/sup> Assumes network hash rate of 370 EH\/s and 946 bitcoins mined per day\u00a0<\/p>\n<p>      <img decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODg2OTIxNSM1Njc3NzMzIzIyMTAwOTA=\" \/><br \/>\n      <br \/>\n      <img decoding=\"async\" src=\"https:\/\/ml.globenewswire.com\/media\/YzA4MDllZjgtYWZmZC00MzAzLWEwNDctMTc5OTZmMTZjYjYxLTEyMjE2NDM=\/tiny\/Cipher-Mining-Inc-.png\" \/>\n    <\/div>\n<div class=\"mw_contactinfo\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>NEW YORK, July 05, 2023 (GLOBE NEWSWIRE) &#8212; Cipher Mining Inc. (NASDAQ:CIFR) (\u201cCipher\u201d or the \u201cCompany\u201d) today released its unaudited production and operations update for June 2023. Key Highlights Key Metrics June 2023* BTC Mined 360 Power Sales Equivalent BTC 1 41 BTC Sold 350 BTC Held 417 Deployed Mining Rigs 65,000 Month End Operating Hash Rate (EH\/s) 6.7 *Approximate values Management Commentary In June, Cipher continued to expand operations at its Odessa facility and finished June with the potential to mine up to 17.1 bitcoin2 per day. \u201cThe month of June featured challenging operating conditions. Texas experienced record high temperatures, weak wind production and record demand for power as we entered the critical 4CP summer months,\u201d said Tyler Page, &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/cipher-mining-announces-june-2023-operational-update\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Cipher Mining Announces June 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-767788","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Cipher Mining Announces June 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-june-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 June 2023 Operational Update - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"NEW YORK, July 05, 2023 (GLOBE NEWSWIRE) &#8212; Cipher Mining Inc. (NASDAQ:CIFR) (\u201cCipher\u201d or the \u201cCompany\u201d) today released its unaudited production and operations update for June 2023. Key Highlights Key Metrics June 2023* BTC Mined 360 Power Sales Equivalent BTC 1 41 BTC Sold 350 BTC Held 417 Deployed Mining Rigs 65,000 Month End Operating Hash Rate (EH\/s) 6.7 *Approximate values Management Commentary In June, Cipher continued to expand operations at its Odessa facility and finished June with the potential to mine up to 17.1 bitcoin2 per day. \u201cThe month of June featured challenging operating conditions. 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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-june-2023-operational-update\/","og_locale":"en_US","og_type":"article","og_title":"Cipher Mining Announces June 2023 Operational Update - Market Newsdesk","og_description":"NEW YORK, July 05, 2023 (GLOBE NEWSWIRE) &#8212; Cipher Mining Inc. (NASDAQ:CIFR) (\u201cCipher\u201d or the \u201cCompany\u201d) today released its unaudited production and operations update for June 2023. Key Highlights Key Metrics June 2023* BTC Mined 360 Power Sales Equivalent BTC 1 41 BTC Sold 350 BTC Held 417 Deployed Mining Rigs 65,000 Month End Operating Hash Rate (EH\/s) 6.7 *Approximate values Management Commentary In June, Cipher continued to expand operations at its Odessa facility and finished June with the potential to mine up to 17.1 bitcoin2 per day. \u201cThe month of June featured challenging operating conditions. Texas experienced record high temperatures, weak wind production and record demand for power as we entered the critical 4CP summer months,\u201d said Tyler Page, &hellip; Continue reading \"Cipher Mining Announces June 2023 Operational Update\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/cipher-mining-announces-june-2023-operational-update\/","og_site_name":"Market Newsdesk","article_published_time":"2023-07-05T15:47:49+00:00","og_image":[{"url":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODg2OTIxNSM1Njc3NzMzIzIyMTAwOTA=","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"6 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/cipher-mining-announces-june-2023-operational-update\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/cipher-mining-announces-june-2023-operational-update\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"Cipher Mining Announces June 2023 Operational Update","datePublished":"2023-07-05T15:47:49+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/cipher-mining-announces-june-2023-operational-update\/"},"wordCount":1109,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/cipher-mining-announces-june-2023-operational-update\/#primaryimage"},"thumbnailUrl":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODg2OTIxNSM1Njc3NzMzIzIyMTAwOTA=","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/cipher-mining-announces-june-2023-operational-update\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/cipher-mining-announces-june-2023-operational-update\/","name":"Cipher Mining Announces June 2023 Operational Update - 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