![[cipher mining logo.svg|300]] Company website: https://www.ciphermining.com/ ### Introduction Cipher Mining Inc., an industrial-scale data center construction and operations company specializing in Bitcoin mining and high-performance computing (HPC) infrastructure, was founded in 2021 by Tyler Page, former Head of Business Development at Bitfury. Headquartered in New York City, New York, the company's mission is to allocate data center opportunities between Bitcoin mining and other high-performance computing applications, emphasizing innovation, efficiency, and safety to create lasting value for stakeholders. Cipher's key focus areas include rapid expansion of Bitcoin mining hashrate from ~13.5 EH/s to ~23 EH/s by the end of 2025, development of data centers like the 150 MW Black Pearl site, and positioning as a hosting partner for the world's largest HPC companies while leveraging low-cost, sustainable energy sources. As a publicly traded entity (NASDAQ: CIFR), the company prioritizes operational excellence in the Bitcoin ecosystem, with a vertically integrated approach to data center development and energy management to capitalize on growing demand for compute-intensive applications. ### Key Products and Technology - **Bitcoin Mining Operations**: Industrial-scale mining with ~75,000 deployed rigs achieving 13.5 EH/s hashrate as of May 2025, targeting 23 EH/s by Q3 2025 through new rig deployments. Features include energy-efficient ASIC miners, immersion cooling for optimization, and low-cost power sourcing; applications secure the Bitcoin network, producing BTC (e.g., 174 BTC in May 2025) while holding ~966 BTC without sales in recent months. - **Data Center Infrastructure**: Develops and operates facilities like Black Pearl (150 MW, commenced June 2025) and expansions at existing sites for accelerated hashrate growth. Technologies focus on high-density compute, rapid deployment, and sustainability; applications include Bitcoin mining and HPC hosting, with potential for AI workloads through scalable designs. - **HPC Hosting Services**: Provides colocation and hosting for high-performance computing clients, leveraging data centers as a platform for diversified revenue. Features include partnerships for clean energy supply and operational efficiency; applications target large HPC companies, supporting growth beyond crypto in compute-intensive sectors. ### Team and Leadership - **Tyler Page, Chief Executive Officer**: Leads all business aspects; founded Cipher after serving as Head of Business Development at Bitfury, with expertise in cryptocurrency and infrastructure; focuses on growth strategy and innovation. - **Reuben Govender, Head of Markets**: Oversees market strategies and operations; previously Managing Director at Scotiabank for 10 years, specializing in financial markets and risk management. ### Recent News and Developments (2025) | Date | Event | Details | |------------|--------------------------------|-------------------------------------------------------------------------| | July 24, 2025 | Participation in Upcoming Conferences | Announced attendance at Canaccord Genuity's 45th Annual Growth Conference (August 12-13) and Needham's 5th Annual FinTech & Digital Assets Conference (September 3); CEO Tyler Page to discuss growth and developments. | | July 22, 2025 | Termination of Board Observer Agreement | Ended agreement with Bitfury Top HoldCo B.V. and Bitfury Holding B.V., confirming no further observer designation. | | July 15, 2025 | Announces Q2 2025 Business Update Call | Scheduled conference call for August 7 to release financial results and provide business update. | | July 2, 2025 | Surpasses Hashrate Growth at Black Pearl; June Update | Exceeded forecasts with 3.4 EH/s deployed at Black Pearl; mined ~179 BTC in June; targeting continued increases through Q3. | | June 23, 2025 | Commences Bitcoin Mining at Black Pearl | Launched operations at 150 MW Texas data center, advancing hashrate expansion. | | June 4, 2025 | May 2025 Operational Update | Deployed hashrate at 13.5 EH/s; mined 174 BTC; plans to reach 23.1 EH/s with new rigs; held 966 BTC. | | May 20, 2025 | Announces $150 Million Convertible Notes Offering | Raised funds for data center projects and general corporate purposes. | | May 15, 2025 | Participation in Investor Conferences | Leadership to discuss site capacity, growth, and opportunities at Barclays Fintech Forum (May 19) and Bitcoin 2025 (May 27-29). | | May 6, 2025 | Q1 2025 Business Update | Revenue $49 million (16% QoQ growth); targeting 16 EH/s by Q2 end; signed term sheet with Fortress for JV financing; mined 1,003 BTC in Q1. | | April 4, 2025 | April 2025 Operational Update | Mined 174 BTC; deployed 75,000 rigs at 13.5 EH/s; Black Pearl on track for Q2. | | March 4, 2025 | March 2025 Operational Update | Mined 210 BTC; held 1,034 BTC; advancing Black Pearl expansion. | | February 4, 2025 | February 2025 Production Update | Released details on mining output and operations for the month. | | January 2025 | January 2025 Operational Update | Provided updates on Bitcoin production and site developments. | ### Partnerships and Collaborations - **ENGIE North America**: Preliminary agreement in May 2025 for up to 300 MW clean energy supply from a wind facility to power Texas data centers, supporting sustainable operations. - **Fortress Credit Advisors**: Signed term sheet in Q1 2025 for joint venture financing to support data center expansions and growth initiatives. - **SoftBank Group**: $50 million PIPE investment announced in recent updates, aiding capital for infrastructure. - **Bitfury Group**: Historical collaboration as founding entity, but ended board observer agreement in July 2025, signaling independence. ### Closing Note As a publicly traded company (NASDAQ: CIFR) with $150 million raised via convertible senior notes in May 2025 and a strong balance sheet, Cipher Mining is in a mature growth stage, with a favorable future outlook driven by hashrate expansion to 23 EH/s, HPC diversification, and projected profitability in the Bitcoin bull cycle. *Report generated July 28, 2025*