Bitcoin Mining: Data Center Operator Cipher Mining Announces January 2023 Operational Update

Cipher Mining (NASDAQ:CIFR), a developer and operator of bitcoin mining data centers,  announced its unaudited production and operations update for January 2023.

During the month of January, Cipher continued “to expand operations at Odessa, fund our capital expenditures out of operations and build our bitcoin inventory.” Cipher started the month with the potential “to mine up to ~9.3 bitcoin in a day and finished with the potential to mine ~14.0 bitcoin1 – a ~51% increase in a single month.”

Tyler Page, CEO of Cipher, said:

“Our experienced deployment and operations teams worked tirelessly to continue our rapid hash rate build throughout January. We now have over 3.3 EH/s of self-mining operations at our Odessa facility and approximately 4.3 EH/s of self-mining operations across our sites. Cipher remains on track to build out ~6 EH/s of self-mining capacity in the first quarter of 2023.”

During the month of January, Cipher energized 13,300 new Bitmain and MicroBT miners, representing “an increase in hash rate of ~1.4 EH/s and a ~48% increase relative to the previous month.”

With the increase in hash rate, Cipher “produced ~343 BTC in January, representing a ~52% increase in production relative to the previous month. As part of its regular treasury management process, Cipher sold ~314 BTC in January, ending the month with a balance of ~424 BTC.”

As noted in the update, Cipher 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 be a market leader in bitcoin mining growth and innovation.”

As noted by its management, they are “an industrial-scale Bitcoin mining company dedicated to expanding and strengthening the Bitcoin network’s critical infrastructure in the United States.”

Their mission is “to provide the vital foundation required for the Bitcoin network to flourish.”

They are believers in “the future of the Bitcoin network and its potential to improve existing financial systems, and ultimately, quality of life.”

They 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.”

Their management team “leverages extensive expertise from the technology, fintech, energy and finance domains, as well as deep experience related to cryptocurrencies and blockchain.”


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