Bitcoin Mining Data Center Firm Cipher Mining Announces May 2023 Operational Update

Cipher Mining Inc. (NASDAQ:CIFR) has released its unaudited production and operations update for May 2023.

Key Highlights for May 2023 are:

  • BTC Mined: 493
  • BTC Sold: 513
  • BTC Held: 407
  • Deployed Mining Rigs” 59,000
  • Month End Operating Hash Rate: (EH/s) 6.0

During the month of May, Cipher reportedly “delivered record bitcoin production across its portfolio while funding both operating expenses and capital expenditures through ongoing operations.”

Cipher finished May “with the potential to mine approximately 17.4 bitcoin1 per day.”

Tyler Page, CEO, said:

“We are delighted to announce we achieved record production during the month of May. We now have over 5 EH/s of self-mining operations at our Odessa facility and approximately 1 EH/s of self-mining operations across our other three sites. This record production reflects not only the first full month of our operations with 6 EH/s of capacity but also the sharp increase in transaction fees that we saw during the month. While that level of transaction fees may not be sustainable in the near term, it is an important reminder of the many different long-term opportunities that exist for adoption and growth of the Bitcoin network.”

Mr. Page added:

“With the first phase of our buildout at Odessa now complete, we are excited to turn our attention to completing the final phase of Odessa’s buildout during the third quarter. In May, we were able to reinvest our operating profits back into the growth of the business by making capital investments at some of the lowest cyclical prices we have ever seen. Prudent growth investment now will sow the seeds that reap future outperformance. We are also pleased to announce that the first 3,120 Canaan rigs have already shipped, and we plan to have the site ready to accommodate them upon arrival. We are well on track to deliver on our goal of 7.2 EH/s by the end of Q3.”

As noted in the update, May was “the first full month of operations at Odessa with more than 59,000 rigs deployed. Cipher produced ~493 BTC in May, representing a ~21% increase in production relative to the previous month. As part of its regular treasury management process,”

Cipher has “sold ~513 BTC in May, ending the month with a balance of ~407 BTC.”

As mentioned in the announcement, Cipher is “an emerging technology company focused on the development and operation of bitcoin mining data centers.”

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.”

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