Cipher Digital Inc. Q1 FY2022 Earnings Call

· Earnings call transcript and AI-powered summary

  • Bitcoin Mining Operations Commenced: Cipher Mining began its first Bitcoin mining operations in February 2022 at its Alborz data center.
  • Increased Hash Rate Forecast: The company boosted its projected operational hash rate to 7.5 EH/s by early 2023, up from previous estimates due to an improved mix of more efficient machines under contract with MicroBT.
  • Machine Efficiency & Cost: Average machine efficiency on order now stands at 32.1 J/TH, with an average cost of $45.01/TH.
  • Power Agreements: Cipher has long-term power purchase agreements with a competitive weighted average price of $0.0207/kWh.
  • Infrastructure Build-Out: A total of 275 MW of infrastructure expected to be ready by year-end (2022), with 345 MW total across JV partnerships.
  • CapEx for Infrastructure: Projected non-mining infrastructure cost is $450,000 per MW.
  • Equipment Financing: Secured $47M equipment finance deal with BlockFi to support Alborz data center deployment; further debt deals are expected.

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Presentation: Operator: Hello, and welcome to the CIFR Mining First-Quarter 2022 Business Update Conference Call. At this time, all participants are in a listen-only mode. After the speaker presentation, there will be a question-and-answer session. [Operator Instructions]. It is now my pleasure to introduce Lori Barker, Investor Relations. Lori Barker: Good morning ladies and gentlemen. Thank you for joining us on this conference call to discuss Cipher Mining's First Quarter 2022 business update. Joining me on the call today are Tyler Page, Chief Executive Officer, Ed Farrell, Chief Financial Officer. Please note that you may also review our press release in presentation, which may be found on the Investor Relations section at the website at [email protected]. Please note that this call will be simultaneously webcast on the Investor Relations section of the company's corporate website. The conference call is the property of Cipher Mining and imitating or other reproduction is expressed prohibited without prior written consent. Before we start, I'd like to remind you that the following discussion, as well as our press release and presentation, contain forward-looking statements including but not limited to Cipher's financial outlet, business plans and objectives, and other future events and developments, including statements about the market potential of our business operations, potential competition, and our goals and strategies. The forward-looking statements and ri

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