Cipher Mining, Inc. (Nasdaq: CIFR), a U.S.-based bitcoin mining company, recently announced it has commenced bitcoin mining operations at its Odessa data center in Texas.
Tyler Page, CEO, said:
“We are delighted to announce that our Odessa data center has begun bitcoin mining operations just 10 months after we broke ground at the site. The start of mining at Odessa represents a critical step in Cipher’s journey to become a market leader in the U.S. bitcoin mining industry. Since going public in 2021, we have built four data centers in Texas and are now one of the lowest cost producers of bitcoin.”
Tyler added:
“Because of our long-term, fixed price power contract at Odessa, we also have an advantage that few other bitcoin miners have — the flexibility to mine bitcoin or resell our power to the market, which can help mitigate the effects of falling bitcoin prices.”
The company now “operates four data centers with total capacity expected to ramp up to 267 MW in early 2023.” As Odessa ramps up, Cipher expects “to dedicate up to 7 EH/s to self-mining across its four data centers.”
As part of its recent Q3 2022 earnings release and business update, Cipher’s Odessa power contract was “recorded as an asset valued at approximately $78.9mm as of September 30, 2022.”
The Odessa power ramp-up schedule, “as well as the company’s anticipated hash rate timeline, are outlined in the Cipher Q3 2022 earnings presentation.”
As noted in the update, Cipher claims it is “an emerging technology company focused on the development and operation of bitcoin mining data centers in the United States.”
Cipher is “dedicated to expanding and strengthening the Bitcoin network’s critical infrastructure.”
Together with its diversely talented team and strategic partnerships, Cipher aims to serve as “a market leader in bitcoin mining growth and innovation.”
As noted by the firm’s management:
“We are an industrial-scale Bitcoin mining company dedicated to expanding and strengthening the Bitcoin network’s critical infrastructure in the United States. Our mission is to provide the vital foundation required for the Bitcoin network to flourish. We are believers in the future of the Bitcoin network and its potential to improve existing financial systems, and ultimately, quality of life.”
The company added:
“We embrace a future where a digitally native, open-source network for value transmission and storage flourishes, and we believe that securing that network is vitally important. Our best-in-class management team leverages extensive expertise from the technology, fintech, energy and finance domains, as well as deep experience related to cryptocurrencies and blockchain.”