![[cipher mining logo.svg|300]] Website: [ciphermining.com](https://www.ciphermining.com) ### Introduction Cipher Mining Inc. is a technology company focused on developing and operating industrial-scale data centers for Bitcoin mining and high-performance computing (HPC) infrastructure, with a strong emphasis on energy efficiency and innovation. Founded in 2021 as a subsidiary of [[Bitfury]] Group, a blockchain technology company, Cipher Mining is headquartered in New York, NY. While exact employee numbers are not publicly disclosed in recent sources, the company has grown significantly since its inception, reflecting its expanding operational footprint. Its mission is to provide sustainable, low-cost power solutions for Bitcoin mining and to pivot into AI and HPC infrastructure, leveraging its access to competitive energy resources to support emerging compute demands. Cipher Mining is a publicly traded company listed on the NASDAQ under the ticker symbol CIFR. Since going public through a merger with a special purpose acquisition company (SPAC) in 2021, Cipher has positioned itself as a leader in the cryptocurrency mining sector while diversifying into AI hosting, reflecting broader industry trends toward energy-intensive compute workloads. [Cipher Mining Investor Relations](https://investors.ciphermining.com) ### Key Products and Technology Cipher Mining’s core offerings revolve around data center operations for Bitcoin mining and, more recently, AI and HPC infrastructure. Below are the primary areas of focus: - **Bitcoin Mining Operations (Cryptocurrency Mining Infrastructure)** - **Technical Specifications**: As of recent updates, Cipher operates with a self-mining capacity of approximately 16.8 EH/s (exahashes per second), with plans to reach 23.5 EH/s by the end of Q3 2025. Their mining fleet boasts an efficiency of around 18.9 J/TH (joules per terahash), which is among the most efficient in the industry. - **Energy Source**: Primarily grid electricity with a focus on low-cost power, averaging 2.7 cents per kWh, one of the lowest rates in the sector. Sites are strategically located near reliable power sources, often in Texas with access to ERCOT grid. - **Key Differentiators**: Cost leadership through access to cheap electricity and a resilient business model with downside protection against Bitcoin price volatility. Their focus on energy efficiency reduces operational costs significantly. - **Development Stage**: Fully operational at multiple sites, with ongoing expansions such as the Black Pearl Facility. - **Target Customers**: Primarily internal operations for Bitcoin mining, with mined BTC either held or sold based on market conditions. - **AI and HPC Data Center Hosting (Compute Infrastructure)** - **Technical Specifications**: Cipher is developing significant capacity for AI workloads, with agreements for up to 300 MW at sites like Barber Lake, TX, and a total pipeline of approximately 3.4 GW across multiple locations. - **Energy Source**: Similar to mining operations, leveraging low-cost grid power with a focus on scalability and reliability. - **Key Differentiators**: Strategic partnerships with tech giants like Amazon Web Services (AWS) and Google (as a backstop for agreements), positioning Cipher as a major player in AI infrastructure. Their large-scale power pipeline offers flexibility for hyperscaler demands. - **Development Stage**: Under construction and pre-operational for many sites, with energization timelines ranging from 2026 to 2028 for major projects. - **Target Customers**: Hyperscalers and AI companies, such as [[FluidStack|Fluidstack]], requiring significant compute capacity for machine learning and other workloads. ### Regulatory and Licensing Status As a Bitcoin mining and data center company, Cipher Mining does not fall under the purview of nuclear regulatory bodies like the NRC. Instead, its regulatory landscape involves compliance with local energy regulations, environmental standards, and securities laws as a publicly traded entity. Key regulatory aspects include securing power interconnection approvals with grid operators like ERCOT (Texas) and PJM (Ohio), which Cipher has successfully achieved for recent site acquisitions. For instance, their new 200 MW site in Ohio has secured interconnection approvals with AEP Ohio, as noted in recent announcements. There are no significant regulatory hurdles reported for Cipher’s core operations, though the company must navigate evolving state and [[Federal|federal]] policies on energy consumption and cryptocurrency mining. Upcoming milestones include maintaining compliance with SEC reporting requirements and local energy market rules as they expand into new regions like Ohio. Commercial deployment for new AI hosting sites is on track with timelines between 2026 and 2028, contingent on construction and energization schedules rather than regulatory delays. [Cipher Mining SEC Filings](https://investors.ciphermining.com/static-files/e2a3f9ce-d55a-44f7-b5c9-45d202830a9b) ### Team and Leadership Cipher Mining’s leadership team combines expertise in energy, technology, and cryptocurrency mining. Key executives include: - **Tyler Page, CEO**: With a background in finance and blockchain, Tyler has been instrumental in scaling Cipher’s operations and pivoting toward AI infrastructure. He previously held roles at [[Bitfury]] Group. [@rftylerpage](https://x.com/rftylerpage) - **Edward Farrell, CFO**: Ed oversees financial strategy and investor relations, bringing experience from corporate finance and public company management. - **Samy Biyadi, VP of Energy Origination**: Leads the energy team, focusing on securing low-cost power agreements, with early groundwork in Texas dating back to 2020 as noted in industry discussions on X. The team’s depth in energy origination and execution is frequently highlighted as a competitive advantage, particularly their early relationships with ERCOT and other grid operators. [Cipher Mining Investor Relations](https://investors.ciphermining.com) ### Funding and Financial Position Cipher Mining, as a public company, does not disclose traditional venture funding rounds but has reported strong financial performance in 2025. In Q2 2025, the company reported revenue of $44 million and non-GAAP adjusted earnings of $30 million, while Q3 2025 saw revenue rise to $72 million with adjusted earnings of $41 million. Market capitalization and recent stock performance specifics are not detailed in the latest available data, but the stock (CIFR) is actively traded on NASDAQ. Key strategic backers include Google, which holds a ~5.4% equity stake as part of backstop agreements with [[FluidStack|Fluidstack]], and partnerships with major players like AWS signal strong institutional confidence. Cipher is well beyond pre-revenue status, with significant contracted revenue from AI hosting agreements totaling approximately $3.8 billion over initial 10-year terms with Fluidstack. [Cipher Mining Q3 2025 Update](https://investors.ciphermining.com/news-releases/news-release-details/cipher-mining-provides-third-quarter-2025-business-update) ### Recent News and Developments | Date | Event | Details | |---------------|------------------------------------|---------------------------------------------------------------------------------------------------| | Dec 23, 2025 | Ohio Site Acquisition | Acquired a 200 MW, 195-acre site in Ohio (“Ulysses”), expanding HPC pipeline to 3.4 GW across 8 sites, with energization expected in Q4 2027. | | Nov 20, 2025 | AI Hosting Agreement with Fluidstack | Signed additional 56 MW, 10-year agreement, securing ~$830 million in contracted revenue; total with Fluidstack reaches ~$3.8 billion. | | Nov 3, 2025 | AWS Data Center Lease | Signed a 15-year, $5.5 billion lease with Amazon Web Services for 300 MW of AI capacity starting 2026. | | Nov 3, 2025 | Q3 2025 Financial Update | Reported revenue of $72 million and non-GAAP adjusted earnings of $41 million; announced 1 GW “Colchis” project in West Texas. | | Sep 25, 2025 | Fluidstack AI Hosting Deal | Signed 168 MW, 10-year agreement for $3 billion in contracted revenue, with Google backstopping $1.4 billion. | | Aug 7, 2025 | Q2 2025 Business Update | Reported revenue of $44 million, non-GAAP earnings of $30 million; Black Pearl Phase I exceeds targets, reaching 16.8 EH/s. | | May 2, 2025 | April 2025 Operational Update | Mined 174 BTC, sold 350 BTC, held 855 BTC; deployed 75,000 mining rigs. | | Mar 4, 2025 | February 2025 Operational Update | Mined 180 BTC, sold 235 BTC, held 1,032 BTC; ongoing fleet efficiency improvements. | ### Partnerships and Collaborations - **Fluidstack**: Multiple AI hosting agreements, including 168 MW and an additional 56 MW at Barber Lake, TX, securing up to $3.8 billion in contracted revenue over 10 years. Strategic value lies in establishing Cipher as a key player in AI compute infrastructure with potential expansion to 500 MW. - **Amazon Web Services (AWS)**: A 15-year, $5.5 billion lease for 300 MW of AI capacity across two phases starting in 2026. This positions Cipher as a critical supplier for hyperscaler demand. - **Google**: Backstops significant portions of Fluidstack obligations ($1.4 billion initially, plus $333 million recently) and holds a ~5.4% equity stake in Cipher, enhancing financial stability and credibility. - **Luminant Power Agreement**: Provides access to competitive electricity until at least July 2027, ensuring cost leadership in power supply for Texas operations. ### New Hampshire Relevance Cipher Mining’s operations and technology have limited direct relevance to [[New Hampshire]]’s energy infrastructure or legislative priorities, such as those outlined in HB 710 or SMR provisions, as their focus is on Bitcoin mining and AI hosting rather than nuclear or grid-scale power generation. Their data centers are primarily located in Texas and, recently, Ohio, with no expressed interest in the Northeast US or proximity to [[Seabrook Station]] or the ISO-NE grid. However, Cipher’s expertise in low-cost, energy-efficient data center operations could theoretically align with New Hampshire’s growing data center load if the state seeks to attract tech infrastructure. Their AI hosting capabilities could support regional hyperscaler demand, though technology readiness for NH deployment is not immediate given current project timelines (2026-2028 energization). There are no known NH connections or specific plans for Northeast expansion, making their fit speculative at best. Potential applications could include powering data centers in the region if energy costs and grid access become competitive. ### Competitive Position Cipher Mining competes with other Bitcoin miners and data center operators like [[Riot Platforms|Riot Blockchain]], [[MARA|[[MARA|Marathon Digital Holdings]]]], and [[[[Core Scientific]]]]. Compared to [[Riot Platforms|Riot Blockchain]], Cipher stands out with its pivot to AI and HPC hosting, securing massive contracted revenues ($3.8 billion with Fluidstack), while Riot remains more focused on mining. Marathon Digital has a larger mining capacity but lacks Cipher’s diversification into AI infrastructure. Core Scientific offers similar AI hosting services but operates at a smaller power pipeline scale than Cipher’s 3.4 GW. Unique advantages for Cipher include low power costs (2.7 cents/kWh) and strategic partnerships with AWS and Google, though risks include dependency on Bitcoin price stability for mining revenue and execution challenges in scaling new sites. ### Closing Note Cipher Mining is at an advanced operational stage with a promising trajectory, diversifying from Bitcoin mining into a major AI infrastructure player with a robust financial outlook. *Report generated December 24, 2025*