Cipher Mining (CIFR) Issues January 2024 Operational Update

Cipher Mining Inc. (NASDAQ: CIFR) (“Cipher” or the “Company”) today released its unaudited production and operations update for January 2024.

Key Highlights

*Approximate values

Management Commentary for January
“January featured more challenging market conditions for bitcoin miners compared to previous months, with spikes in overall network hash rate and lower transaction fees. Also, the colder weather and resulting elevated power prices in Texas incentivized curtailment from our power provider at Odessa,” said Tyler Page, CEO of Cipher. “However, given our best-in-class power structure, we continued to generate positive cashflow in our operations and added to our bitcoin inventory. We ended the month with a bitcoin inventory of ~1,132 bitcoin. Additionally, we are pleased to report that we received the first shipment of our new Bitmain S21 mining rigs and look forward to getting them hashing quickly.”

Bitcoin Production and Operations Updates for January 2024
Cipher produced ~371 BTC in January, representing a ~20.4% decrease in production versus the previous month amidst average monthly network hash rate increasing ~3.5%. As part of its regular treasury management process, Cipher sold ~34 BTC in January, ending the month with a balance of ~1,132 BTC.

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