Cipher Mining (NASDAQ:CIFR) (“Cipher” or the “Company”), a leading developer and operator of bitcoin mining data centers, today announced its unaudited production and operations update for February 2023.
Key Highlights
| Key Metrics | February 2023* |
| BTC Mined | 398 |
| BTC Sold | 357 |
| BTC Held | 465 |
| Deployed Mining Rigs | 48,500 |
| Month End Operating Hash Rate (EH/s) | 5.2 |
*Approximate values
Management Commentary
During the month of February, Cipher continued to expand operations at its Odessa facility, fund capital expenditures out of operations and build its bitcoin inventory. Cipher began the month with the potential to mine up to ~13.0 bitcoin in a day and finished with the potential to mine ~15.8 bitcoin1 – a ~21% increase in a single month.
“Our steady march to deploy an initial 6 EH/s continued throughout February,” said Tyler Page, CEO of Cipher. “We now have over 4.2 EH/s of self-mining operations at our Odessa facility and approximately 5.2 EH/s of self-mining operations across all of our sites. Furthermore, we managed to build our bitcoin inventory during the month while simultaneously paying operating expenses and covering significant capital expenditures at Odessa out of our monthly production. Our flexibility to pay for expansion while avoiding equity dilution and costly debt demonstrates the true power of being a low-cost producer.”
Bitcoin Production and Operations Updates for February 2023
During the month of February, Cipher energized 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 BTC in February, representing a ~16% increase in production relative to the previous month. As part of its regular treasury management process, Cipher sold ~357 BTC in February, ending the month with a balance of ~465 BTC.
