Cipher Mining Announces April 2025 Operational Update

Rhea-AI Summary

Cipher Mining (NASDAQ:CIFR) released its April 2025 operational update, showing the company mined 174 Bitcoin during the month, including power sales estimates equivalent to ~3 BTC and ~24 BTC mined at JV data centers. The company sold 350 BTC through treasury management and held 855 BTC at month-end. Cipher's operational metrics include 75,000 deployed mining rigs with a month-end operating hashrate of 13.5 EH/s and fleet efficiency of 18.9 J/TH. Production was impacted by a three-day planned shutdown at Odessa for maintenance, permitted under the power purchase agreement's 5% annual curtailment allowance. The company's Black Pearl facility remains on schedule for Q2 energization.

Positive

• Strong BTC holdings of 855 BTC at month-end
• Substantial mining capacity with 75,000 deployed rigs and 13.5 EH/s hashrate
• Black Pearl facility on track for Q2 energization, indicating expansion progress

Negative

• Three-day production disruption at Odessa facility due to maintenance shutdown
• Sold more Bitcoin (350) than produced (174) in April

Insights

Crypto Mining Analyst

Cipher Mining maintained solid BTC production despite downtime, but notably sold twice as much BTC as they mined, reducing their holdings.

Cipher Mining's April operational update reveals 174 BTC mined despite a three-day planned maintenance shutdown at their Odessa facility. This production includes power sales equivalent to approximately 3 BTC and 24 BTC from joint venture data centers.

The most significant aspect of this update is their treasury management decision - Cipher sold 350 BTC during April, which is double their monthly production. This substantial sale occurred with Bitcoin priced at $94,808, representing approximately $33.2 million in value. After these sales, they maintained a balance of 855 BTC, with 379 BTC (about 44% of holdings) pledged as collateral.

From an infrastructure perspective, Cipher maintains 75,000 deployed mining rigs with a hashrate of 13.5 EH/s and fleet efficiency of 18.9 J/TH. The J/TH metric represents energy consumption per terahash of computing power - lower numbers indicate better efficiency and potentially lower operational costs.

The company confirmed their Black Pearl facility remains on track to energize in Q2 2025, which should expand their production capacity once operational. The three-day shutdown at Odessa falls within the 5% annual curtailment hours permitted under their power purchase agreement.

While the operational metrics demonstrate continued execution of their mining strategy, the significant Bitcoin sales relative to production represent a substantial change in treasury position that merits attention. Without additional context on the strategic purpose of these sales, it's difficult to fully assess the implications for Cipher's long-term positioning in the Bitcoin mining sector.

NEW YORK, May 02, 2025 (GLOBE NEWSWIRE) -- Cipher Mining Inc. (NASDAQ:CIFR) (“Cipher” or the “Company”) today released its unaudited production and operations update for April 2025.

Key Highlights

Key Metrics	April 2025
BTC Mined1	174
BTC Sold	350
BTC Held2	855
Deployed Mining Rigs	75,000
Month End Operating Hashrate (EH/s)	13.5
Month End Fleet Efficiency (J/TH)	18.9

¹ Includes April power sales estimates (based on current meter data and nodal prices) equivalent to ~3 bitcoin (using month-end bitcoin price of $94,808) and ~24 BTC mined at JV data centers representing Cipher’s ownership
² Includes ~379 BTC pledged as collateral

Management Commentary for April
Cipher delivered solid production in April despite a three-day planned shutdown at Odessa by the Company’s power provider for on-site maintenance. Under the terms of the power purchase agreement, Cipher’s power provider is entitled to 5% curtailment hours per annum at the site. Looking ahead, Cipher’s earnings call is scheduled for Tuesday, May 6th at 8:00 a.m. Eastern Time, at which point the Company will share a business update. The live webcast and a webcast replay of the conference call can be accessed from the investor relations section of Cipher’s website at https://investors.ciphermining.com. To access this conference call by telephone, register here to receive dial-in numbers and a unique PIN to join the call.

Bitcoin Production and Operations Updates for April 2025
Cipher produced ~174¹ BTC in April. As part of its regular treasury management process, Cipher sold ~350 BTC in April, ending the month with a balance of ~855² BTC.

Black Pearl remains on track to energize in the second quarter.

About Cipher
Cipher is focused on the development and operation of industrial-scale data centers for bitcoin mining and HPC hosting. Cipher aims to be a market leader in innovation, including in bitcoin mining growth, data center construction and as a hosting partner to the world's largest HPC companies. To learn more about Cipher, please visit https://www.ciphermining.com/.

Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of the federal securities laws of the United States. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with these safe harbor provisions. Any statements made in this press release that are not statements of historical fact, such as, statements about the Company’s beliefs and expectations regarding its planned business model and strategy, its bitcoin mining and HPC data center development, timing and likelihood of success, capacity, functionality and timing of operation of data centers, expectations regarding the operations of data centers, potential strategic initiatives, such as joint ventures and partnerships, and management plans and objectives, are forward-looking statements and should be evaluated as such. These forward-looking statements generally are identified by the words “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “seeks,” “intends,” “targets,” “projects,” “contemplates,” “believes,” “estimates,” “strategy,” “future,” “forecasts,” “opportunity,” “predicts,” “potential,” “would,” “will likely result,” “continue,” and similar expressions (including the negative versions of such words or expressions). These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by Cipher and its management, are inherently uncertain. Such forward-looking statements are subject to risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. New risks and uncertainties may emerge from time to time, and it is not possible to predict all risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: volatility in the price of Cipher’s securities due to a variety of factors, including changes in the competitive and regulated industry in which Cipher operates, Cipher’s evolving business model and strategy and efforts it may make to modify aspects of its business model or engage in various strategic initiatives, variations in performance across competitors, changes in laws and regulations affecting Cipher’s business, and the ability to implement business plans, forecasts, and other expectations and to identify and realize additional opportunities. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of Cipher’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024 filed with the Securities and Exchange Commission (“SEC”) on February 25, 2025, and in Cipher’s subsequent filings with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Cipher assumes no obligation and, except as required by law, does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.

Website Disclosure
The company maintains a dedicated investor website at https://investors.ciphermining.com/ (“Investors’ Website”). Financial and other important information regarding the Company is routinely posted on and accessible through the Investors Website. Cipher uses its Investors’ Website as a distribution channel of material information about the Company, including through press releases, investor presentations, reports and notices of upcoming events. Cipher intends to utilize its Investors’ Website as a channel of distribution to reach public investors and as a means of disclosing material non-public information for complying with disclosure obligations under Regulation FD. In addition, you may sign up to automatically receive email alerts and other information about the Company by visiting the “Email Alerts” option under the Investors Resources section of Cipher’s Investors’ Website and submitting your email address.

Contacts:
Investor Contact:
Courtney Knight
Head of Investor Relations at Cipher Mining
courtney.knight@ciphermining.com
Media Contact:
Ryan Dicovitsky / Kendal Till
Dukas Linden Public Relations
CipherMining@DLPR.com

__________________________

¹ Includes April power sales estimates (based on current meter data and nodal prices) equivalent to ~3 bitcoin (using month-end bitcoin price of $94,808) and ~24 BTC mined at JV data centers representing Cipher’s ownership

² Includes ~379 BTC pledged as collateral

A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/57a0c1ce-be78-4b73-a2f2-fe3e68b35711

FAQ

How many Bitcoin did Cipher Mining (CIFR) produce in April 2025?

Cipher Mining produced 174 Bitcoin in April 2025, including ~3 BTC equivalent from power sales and ~24 BTC from JV data centers.

What is Cipher Mining's (CIFR) current operational hashrate as of April 2025?

Cipher Mining's month-end operating hashrate was 13.5 EH/s with 75,000 deployed mining rigs.

How many Bitcoin does Cipher Mining (CIFR) hold in its treasury as of April 2025?

Cipher Mining held 855 Bitcoin in its treasury at the end of April 2025, including ~379 BTC pledged as collateral.

What caused the production disruption at Cipher Mining's Odessa facility in April 2025?

A three-day planned shutdown occurred at the Odessa facility for on-site maintenance by the power provider, which is allowed under the 5% annual curtailment terms.

When is Cipher Mining's Black Pearl facility expected to begin operations?

Cipher Mining's Black Pearl facility remains on track to energize in the second quarter of 2025.