Cipher Mining announces September 2024 operational update; BTC Mined: 155; BTC sold: 923 (3.85)
- During the month, the Company's operational and construction teams finalized preparations for the upgrade of the mining fleet at Odessa, expected in the coming weeks, and continued to build the new Black Pearl data center.
- "With the anticipated completion of the Odessa upgrade by year-end, we will have one of the most efficient fleets of mining rigs in the industry," said Tyler Page, CEO of Cipher. "At the same time, construction at Black Pearl is progressing well and is on track for energization by the end of Q2 2025," continued Mr. Page.
- "September was also a big month for corporate development as we successfully closed the acquisition of the 300 MW Barber Lake site, which is an ideal candidate for HPC hosting. This purchase was largely funded through the sale of bitcoin from our treasury. We manage our bitcoin holdings opportunistically, with the goal of maximizing shareholder returns. Large-scale, energized sites are in high demand and rarely available today. Therefore, we believe this was a perfect opportunity to exchange a portion of our bitcoin holdings for an asset that can produce extraordinary returns for shareholders over time. We look forward to updating the market in the coming months on our progress and discussions on potential tenants at Barber Lake," said Mr. Page.