May 2024 Operational Highlights
Bitcoin Production: Cipher mined approximately 166 BTC in May, which includes an estimated 8 BTC from power sales, based on current meter data and nodal prices.
Bitcoin Sales and Holdings: The company sold around 50 BTC during the month, concluding May with a total holding of approximately 2,142 BTC.
Mining Infrastructure: Cipher deployed 71,000 mining rigs, achieving a month-end operating hash rate of 8.0 EH/s.
Strategic Developments
Expansion Projects: The company is progressing with the expansion of its Bear and Chief sites. Notably, a 30 MW expansion at Bear has been energized and is ramping up its hash rate.
New Site Acquisition: Cipher has signed a term sheet to acquire a new site in Cotulla, Texas, for $2.5 million. This site offers at least 70 MW of capacity available in 2026, with potential expansion up to 200 MW. The acquisition is expected to close in early July, pending due diligence. $BTC $ETH
