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Cipher Mining Inc. (NASDAQ:CIFR) ("Cipher" or the "Company") today released its unaudited production and operations update for March 2024.
Key Highlights
| Key Metrics | March 2024* |
| BTC Mined | 316 |
| Power Sales Equivalent BTC1 | 9 |
| BTC Sold | 8 |
| BTC Held | 1,741 |
| Deployed Mining Rigs | 70,000 |
| Month End Operating Hash Rate (EH/s) | 7.6 |
*Approximate values
Management Commentary for March
"Cipher delivered another solid performance in March, which marks the completion of a remarkably strong first quarter of production," said Tyler Page, CEO of Cipher. "Despite significant curtailment from our power provider at Odessa for plant maintenance and the continuing growth in overall network hash rate, our team did an outstanding job maintaining our uptime and optimizing our portfolio. We continued to grow our bitcoin inventory, which now stands at ~1,741 BTC. Also, our construction teams made significant progress developing our upcoming second quarter data center expansions at Bear and Chief and completed early work at our Black Pearl site, which is scheduled to come online in 2025. As we look toward the halving in April, we are very well positioned with our growing hash rate, best-in-class unit economics and continued timely execution of expansion plans."
Bear 30 MW expansion on track for Q2 2024 energization
Bitcoin Production and Operations Updates for March 2024
Cipher produced ~316 BTC in March amidst average monthly network hash rate increasing ~4.7%. As part of its regular treasury management process, Cipher sold ~8 BTC in March, ending the month with a balance of ~1,741 BTC.
Posted In: CIFR
