Cipher: The Fastest Growing Bitcoin Miner (NASDAQ:CIFR)


agnormarkThe fastest growing public Bitcoin (BTC-USD) miner by production capacity is currently Cipher Mining (NASDAQ:CIFR). The company has quickly scaled a mining operation over the last several months and is now one of the leaders in the public Bitcoin mining space by several key metrics. Cipher Mining became a public company through a with Good Works Acquisition Corp back in 2021. At the time, the company had a valuation of $2 billion with plans to use cash from the merger to grow out a Bitcoin mining operation.

BTC Production Trend (Company filings)

EH/s Guidance (Cipher Mining)

However, given volatile market conditions, we want to be mindful of not overextending ourselves. So we will continue to evaluate expansion in light of market conditions. This near-term opportunity for growth with strong built-in unit economics but without operational spending commitments is one that few if any of our competitors have and demonstrate Cipher’s continued approach to look for low-risk opportunities.

BTC in Treasury January 2023 February 2023 Mo/Mo Cipher Mining 424 465 9.7% Riot Platforms (RIOT) 6,978 7,058 1.1% Bitfarms 405 405 0.0% Marathon Digital (MARA) 11,418 11,392 -0.2% Hut 8 9,274 9,242 -0.3% HIVE Blockchain 2,430 2,365 -2.7% Argo Blockchain (ARBK) 115 101 -12.2% Bit Digital (BTBT) 971 697 -28.2% CleanSpark (CLSK) 301 100 -66.8%

Earnings Deck (Cipher Mining)

Site BTC Mined YTD Cipher Owns Odessa 770 770 Alborz 186 91 Bear & Chief 111 54

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