Cipher Digital Inc. Q3 FY2021 Earnings Call

· Earnings call transcript and AI-powered summary

  • Company Overview: Cipher Mining, a U.S.-based industrial-scale Bitcoin miner, went public via SPAC in late August 2021 and trades under ticker CIFR. It was created in January 2021 as a spin-off from Bitfury to focus on U.S.-based mining operations.
  • Capital Raised: Cipher raised net proceeds of $391 million through its public transaction, which are being deployed to build infrastructure and purchase mining equipment.
  • Power Strategy: Cipher has secured over 910 megawatts (MW) in long-term (five years or more) power purchase agreements at a weighted average rate of 2.72¢/kWh. No direct coal-based sources; emphasis on renewable and nuclear energy. First site is wind-powered and off-grid.
  • Mining Equipment: Contracts signed for up to 19.5 exahash/second (EH/s) of Bitcoin hashpower through diversified suppliers: Bitmain, MicroBT, and Bitfury. Weighted average cost: $38.58 per terahash (TH). Average efficiency: 33.2 joules/TH.
  • Infrastructure Development Plan:
    • Q1 2022: 60 MW across Alborz, Bear, and Chief (29 MW net to Cipher).
    • Q2 2022: Add Coshocton (nuclear), bringing total to 100 MW (69 MW net).
    • Q3 2022: Bring online Odessa and expansions at Bear and Chief for a total of 379 MW (311 MW net).

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Operator: Good day. And thank you for standing by. Welcome to the Cipher Mining Third Quarter 2021 Business Update Conference Call. At this time, all participants are in a listen-only mode. After the speakers’ presentation, there will be a question-and-answer session. [Operator Instructions] I would now like to hand the conference over to your speaker today, Lori Barker from the Blueshirt Group. Please go ahead. Lori Barker: Good morning, ladies and gentlemen. Thank you for joining us on this conference call to discuss Cipher Mining’s third quarter 2021 business update. Joining me on the call today is Tyler Page, Chief Executive Officer; and Ed Farrell, Chief Financial Officer. You may also review our press release and presentation, which can be found on the Investor Relations section of the website at investors.ciphermining.com. 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, any taping or other reproduction is expressly prohibited without prior consent. Before we start, I would like to remind you that the following discussion as well as our press releases and presentation contain forward-looking statements including but not limited to Cipher’s financial outlook, 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

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