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• Like a Tesla Gigafactory, but instead of producing electric vehicles, they're producing Bitcoin.
• A digital version of a gold mining company like Newmont, but they "mine" Bitcoin with computers.

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• Bitcoin Mining: Operating large-scale data centers with specialized computer hardware to validate transactions on the Bitcoin network and earn newly minted Bitcoin.

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Cipher Mining (CIFR): Major Customers

• Individual Retail Investors and Traders: This category includes millions of individuals worldwide who buy Bitcoin through cryptocurrency exchanges for investment, speculation, transactional use, or as a store of value.
• Institutional Investors and Corporations: This category encompasses investment funds, asset managers, hedge funds, and public or private corporations that acquire Bitcoin for their portfolios, treasury reserves, or as part of their broader financial strategies. Examples of public companies that hold significant Bitcoin reserves include MicroStrategy (symbol: MSTR). While they do not buy directly from Cipher, their demand drives the market where Cipher sells its Bitcoin.
• Cryptocurrency Exchanges and Brokers: While these entities act as platforms for selling Bitcoin, they also represent a point where demand aggregates. They facilitate trades for the ultimate buyers (individuals and institutions) and may also hold reserves themselves to ensure liquidity.

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• Bitmain Technologies Ltd.
• MicroBT Technology Co., Ltd.
• Lancium, LLC
• Windon LLC

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Tyler Page, Chief Executive Officer

Tyler Page is the CEO and founder of Cipher Mining. Prior to founding Cipher, he was responsible for business development and strategic planning for the Bitfury Group. He brings over 20 years of experience in institutional finance and fintech, having held senior roles at New York Digital Investment Group (NYDIG), Stone Ridge Asset Management, Guggenheim Partners, Goldman Sachs, and Lehman Brothers. He was a day-one employee at NYDIG in 2017 and a co-founder of a crypto business that provided custodian trading execution advisory services and asset management. Cipher Mining went public in 2021 through a business combination with SPAC Good Works Acquisition, a $2 billion deal, and raised approximately $400 million of equity capital with anchor investors including Morgan Stanley and Fidelity. He began his career as an attorney at Davis Polk & Wardwell LLP.

Gregory Mumford, Chief Financial Officer

Gregory Mumford is the Chief Financial Officer of Cipher Mining, with his appointment effective October 14, 2025. He previously served as a senior investment banker in the Digital Assets & Infrastructure Investment Banking group at Keefe, Bruyette & Woods, where he advised on a range of M&A and capital markets transactions. He possesses more than a decade of corporate finance and leadership experience, having started his career at one of Canada's largest banks, providing advice on complex credit solutions.

Will Iwaschuk, Co-President & Chief Legal Officer

Will Iwaschuk serves as Co-President, Chief Legal Officer, and Corporate Secretary of Cipher Mining. He shares responsibility for the company's day-to-day operations, focusing on corporate aspects. Before joining Cipher, he was a partner at Tower Research Capital, where he was the global General Counsel and Corporate Secretary, and a member of the Board and the Management Committee. He has over 20 years of financial services experience, including roles as a partner at Morgan Lewis & Bockius and in the legal department at Goldman Sachs. He began his career as an attorney at Davis Polk & Wardwell.

Patrick Kelly, Co-President & Chief Operating Officer

Patrick Kelly is the Co-President & Chief Operating Officer of Cipher Mining. Prior to Cipher, he was Chief Operating Officer and co-founder of Stone Ridge Asset Management, where he oversaw operations, technology, and accounting, and served as Treasurer and Principal Financial Officer for the Stone Ridge Trusts. He was also a member of Atalaya Capital Management's Advisory board, managing the development of Funding Path, a proprietary technology for B2B payments. His career began at Citadel, and he has held leadership roles at Magnetar Capital and D.E. Shaw & Co.

John Franceski, Chief Accounting Officer

John Franceski is the Chief Accounting Officer of Cipher Mining. Before joining Cipher, he was the Controller of New York Digital Investment Group (NYDIG), where he was responsible for finance and accounting. He brings over 15 years of experience in financial services and fintech. He started his career at PricewaterhouseCoopers and held various positions at Stone Ridge Asset Management, Eton Park Capital Management, and Moore Capital Management.

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The key risks to Cipher Mining (CIFR) are primarily driven by the volatile nature of its core business and the capital-intensive requirements of its operations.

1. Bitcoin Price Volatility: Over 70% of Cipher Mining's revenue is directly tied to the price of Bitcoin, exposing the company to significant crypto-market volatility. A sustained decline in Bitcoin prices could substantially reduce the company's income, potentially leading to operational losses if prices fall below the cost of production. This market dependency may also force the sale of more mined coins to cover operational expenses.
2. Profitability Concerns and Escalating Losses: Despite experiencing revenue growth, Cipher Mining has reported escalating GAAP net losses, with Q2 2025 showing a net loss of approximately $46 million. These increasing losses are attributed to factors such as rising depreciation and amortization expenses, financial costs, and fair-value adjustments for power purchase agreements. This trend raises significant questions about the company's long-term profitability and the sustainability of its business model.
3. Regulatory and Environmental Scrutiny: As Bitcoin mining is an energy-intensive activity, Cipher Mining faces increasing scrutiny from government regulators regarding its environmental impact. This could lead to potential regulatory actions, such as restrictions on electricity suppliers, increased taxes on energy used for mining, or even partial or full bans on mining operations. The company's concentrated operations in Texas also expose it to state-specific regulatory and market risks.

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Vertical Integration by Energy Companies

Major energy companies, possessing proprietary access to low-cost electricity generation and infrastructure, are increasingly exploring or directly engaging in Bitcoin mining. This represents a significant emerging threat to dedicated mining companies like Cipher Mining. These energy giants can leverage their existing assets, such as flare gas from oil and gas operations or excess capacity from power plants, to mine Bitcoin at a significantly lower marginal cost than independent miners who must purchase electricity at market rates. Examples include ExxonMobil piloting Bitcoin mining with flare gas. This shift could lead to a structural disadvantage for traditional miners, as energy companies could achieve greater economies of scale and efficiency by integrating mining into their core operations, effectively becoming both a supplier and a competitor.

Mounting Environmental, Social, and Governance (ESG) Pressure and Regulation

The energy consumption of Bitcoin mining continues to face intense scrutiny from environmental groups, regulators, and investors. This emerging threat could manifest in several ways: increased regulatory restrictions, higher energy costs specifically targeting mining operations, or mandates to exclusively use renewable energy sources, which might not always be the most cost-effective. While Cipher Mining emphasizes its focus on sustainable energy, the broader trend could lead to unfavorable policy changes, such as new taxes, energy surcharges, or outright moratoriums/bans on proof-of-work mining in certain jurisdictions (as seen in some regions globally). Such measures could significantly increase operational costs, limit growth opportunities, and put pressure on profitability.

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Cipher Mining (CIFR) operates primarily in two addressable markets: Bitcoin mining and High-Performance Computing (HPC) / data center hosting services.

Bitcoin Mining

The global Bitcoin miner market was valued at approximately USD 14.17 billion in 2025 and is projected to grow to USD 94.14 billion by 2033, demonstrating a compound annual growth rate (CAGR) of 26.7% during this period. North America holds a significant share of the global cryptocurrency mining market, accounting for 37.69% of the overall market. The U.S. alone contributes over 50% of global annual hardware installations in the Bitcoin miner market.

High-Performance Computing (HPC) / Data Center Hosting Services

Cipher Mining is actively diversifying into HPC hosting services, particularly for Artificial Intelligence (AI) workloads, by leveraging its industrial-scale data centers. The demand for AI workloads is rapidly expanding, with AI projected to surpass Bitcoin in energy consumption by late 2025. By 2030, AI data centers are projected to consume 156 gigawatts (GW) globally, indicating a substantial addressable market for the infrastructure and energy provision that Cipher Mining offers. Cipher Mining has secured significant contracts in this space, including approximately $8.5 billion in total lease payments from AI hosting agreements with companies like Amazon Web Services, Fluidstack, and Google.

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1. Strategic Pivot and Expansion into AI/HPC Data Center Hosting: Cipher Mining is undergoing a significant strategic transformation from primarily Bitcoin mining to high-performance computing (HPC) and AI data center hosting. This is a major new revenue stream, highlighted by substantial agreements such as a 15-year lease with Amazon Web Services (AWS) valued at approximately $5.5 billion to provide 300 MW of AI capacity starting in 2026. Additionally, the company has secured a 10-year lease with Fluidstack, backed by Google, representing about $3.0 billion in minimum contracted revenue. This shift capitalizes on the unprecedented demand for AI computing infrastructure.
2. Significant Increase in Data Center Capacity through Development Pipeline: The company has an ambitious development pipeline for its data center infrastructure. Key projects include the Colchis site, expected to energize in 2028 with 1 GW of capacity, and the Stingray project, set for Q4 2026 with 100 MW. Further plans encompass Reveille (70 MW) and the "3 M's" projects (Mikeska, Milsing, and McLennan), collectively targeting 1,500 MW for 2028-2029, alongside an additional 500 MW expansion at Barber Lake in 2029 and beyond. This substantial growth in available megawatts will directly translate to increased hosting revenue.
3. Continued Growth and Optimization of Bitcoin Mining Operations: Despite diversifying into AI/HPC, Cipher Mining continues to expand its Bitcoin mining capabilities. The company reported substantial growth in Q3 2025, with revenue driven by higher Bitcoin prices and increased production, particularly from the newly energized Black Pearl facility. The self-mining hashrate reached approximately 23.6 EH/s by the end of Q3 2025, a 40% increase from the previous quarter, enabling the mining of approximately 689 Bitcoin during the quarter, a 35% increase. The company also plans for Black Pearl Phase 2 to be convertible for both Bitcoin mining and HPC compute.
4. Enhanced Operational Efficiency and Favorable Power Contracts: While not a direct revenue driver in itself, improved operational efficiency and securing low-cost power contracts are critical for increasing profitability and competitiveness, which in turn supports revenue growth. The company's focus on building out its mining infrastructure with a low-cost energy strategy is positioning it for future growth. Management has emphasized being a low-cost, efficient operator, with an all-in weighted average power cost of $0.031 per kilowatt-hour reported in Q2 2025. Infrastructure upgrades and low power contract rates could eventually lift margins, further supporting revenue generation.

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