#1Cipher Mining Presentation for Analyst Day MARCH 7, 2023 Hili Conex#2Cipher Mining Presenters G Samy Biyadi Head of Power BITFURY SUNPOWERⓇ TOTAL Patrick Kelly Co-President / Chief Operating Officer CITADEL DE Shaw & Co STONE RIDGE Chris Totin Chief Construction Officer ARCADIS ExxonMobil FLUOR Google PARSONS VANTAGE™ DATA CENTERS Bryan Keller Chief Technology Officer MD SASS O Point 72 SAC Capital Advisors, LLC I I I Reuben Govender Head of Markets BARCLAYS Goldman Sachs LEHMAN BROTHERS RBC Scotiabank Ⓡ 2#3Power Procurement & Portfolio Introduction#4A Solar Asset in the Desert Case Study - Not a Cipher Project "Project Salvador will demonstrate that solar is a viable and sustainable power solution in Chile given the strong solar irradiation and high electricity prices in the region." - Marco Northland, CEO of Etrion "As one of the world's largest operating solar merchant power plants, PV Salvador represents an important milestone for the electricity generation industry, proving that solar can provide wholesale power at competitive prices in completely unsubsidized markets." - Bernard Clement, SVP of TotalEnergies Located in the Atacama Desert in Chile 70 MW Peak Solar Capacity World's largest merchant solar asset at the time (2013) $200m Project Capex One of the first unsubsidized solar projects 4#5What Went Wrong 1 Structural imbalances between the local power production & consumption in the northern part of Chile 2 Transmission infrastructure deployment delays leading to high curtailment levels 3 Strong correlation of the power production profiles leading to low nodal prices Could a bitcoin mining facility have been the solution? 5#6A Collaborative Approach to Turn Under- Monetized Electrons into Digital Assets THE PROBLEM Vast amounts of energy are under-monetized due to various factors, including: A Transmission and distribution infrastructure limitations off Mismatch between the local power supply and demand VALUE PROPOSITION For a Power Producer ● Price distortions driven by public incentives and market mechanisms ● Reduce forced curtailment Mitigate grid congestion issues Enhance revenue predictability while capturing exposure to high market prices For a Grid Operator Larger basis to amortize fixed costs Participation in grid balancing mechanisms ● ● Predictable curtailment behavior BITCOIN MINING LOAD: A UNIQUE ENERGY ASSET Local monetization of electricity produced Fast response and automated flexible capacity High revenue predictability days in advance Quick to deploy with limited operational risks 6#7Cipher Mining SNAPSHOT OF ASSETS PORTFOLIO Long-Term Power Offtake to Protect Mining Profitability Self-Mining Capacity Total Capacity Fully Hedged Remaining Hedge Duration Average Fixed Power Price Pre-Flexibility Revenues Total Capacity Capable of Monetizing Flexibility 236 MW 96% 4+ Years $27/MWh 92% (1) The acronym "FTM" represents "Front-of-the-Meter" and "BTM" represents "Behind-the-Meter" Diversified Mix of Sites as a Risk Mitigation Approach Sites Across Texas Total Capacity Collocated with a Power Asset Total Capacity Backed by Power Supply Guarantees Total Capacity Subject to an Offtake Obligations 2 FTM(¹) + 2 BTM(¹) = 4 96% 87% 57% 7#8EXPANSION AT EXISTING SITES Opportunistic expansions at existing sites with available capacity: Alborz - Secure a grid connection to import power from the market as a complement to wind energy Cipher Mining WHAT'S NEXT? • Bear/Chief - Interconnection agreements signed for up to 135 MW per site - Large load study on going to expand the sites ● - Increase the data center capacity to match the wind farm interconnection capacity NEW SITES & PPAS Focus on merchant renewable assets exposed to (a) high technical curtailment levels and/or (b) negative and low market prices ● Focus on power plants similar to Odessa • Continue a live monitoring of other attractive markets (e.g., PJM, Ontario, SPP) Alborz Data Center Bear Data Center 8#9Operations#10Operations Team Structure 24 Construction Engineering Permitting Procurement Construction Commissioning ● ● ● ● Site Operations Infrastructure operations & maintenance Miner deployment, management & repair Controls automation Site safety Corporate Operations Awards & trade settlement ● ● ● ● Logistics & customs Portfolio accounting financial controls Treasury operations Technology IT network implementation ● ● IT security & systems resiliency Custom software development Data science Mandate →→ deliver four datacenters in 18 months 10#11TEAM LEADS CO-PRESIDENT / COO CONSTRUCTION SITE OPERATIONS CORPORATE OPERATIONS TECHNOLOGY Patrick Kelly - Co-President / Chief Operating Officer CITADEL DE Shaw & Co Chris Totin-Chief Construction Officer ExxonMobil PARSONS ARCADIS - Google Lee Rivers Director of Data Center Field Operations Google SCE&G A SCANA COMPANY Pi WESTPORT PETROLEUM, INC. Courtney Frazier- Head of Corporate Operations GLENCORE J.P. Morgan orion XERAY SYSTEMS, INC. Bryan Keller-Chief Technology Officer MD SASS STONE RIDGE FLUOR Point 72 VANTAGE™ DATA CENTERS SAC RESOURCE PARTNERS Capital Advisors, LLC 11#12Operational Leverage OUTSOURCING PRINCIPLES Identify and secure industry best vendors, contractors, and suppliers Significant experience and internally sourced references Relevant licenses and certifications (SOCI/2) ● ● ● Ability to quickly scale resources • Local presence (boots on the ground) ● AUTOMATION Leverage technology to automate and systematize routine tasks High availability architecture (no single point of failure) Redundancy for critical systems ● 26 Cipher Full Time Employees 25 Dedicated Contractors 150 Contractors Deployed 200 Direct and Contracted Staff 12#13Key Indicators as of February 28, 2023 OPERATIONAL POWER (MW) 236 Current ho 15.59 BTC Daily Production High Note: Values represented are approximations HASH RATE (EH/S) 5.2 Current B 465 BTC BTC Held MACHINES 48k+ Operating 11,000+ To Be Energized 398 BTC Monthly Production February 13#14Odessa Site Overview CIPHER MINING'S FLAGSHIP DATA CENTER#15About Me Chris Totin Chief Construction Officer ARCADIS ExxonMobil FLUOR Google PARSONS VANTAGE™ DATA CENTERS 568MW Data Center Capacity Delivered Hats Worn General Contractor Subcontractor Project Manager Construction Manager Program Manager Owner / Owner Rep $21.2B Value of Projects Developed Dad Cipher Mining 3 Kids <6 Years Old 6 Yr Old Girl - Valyn 3 Yr Old Girl - Vera 9 Mth Old Boy - Rohm 15#16The right place in Texas Odessa M MARRIOTT H A View from Low Earth Orbit Odessa Royalty Heights 05 McKinney Park SPLE 20 GA#17Odessa Data Center Quick Facts The right place in Texas Odessa 51.5 Acres ~40 football fields Remotely Operable Fully automated operations from switching to ticketing (1) Represents ASICs capacity of the Odessa data center at full deployment 60,000+ ASICS (1) 207 MW of capacity Hyperscale Inspired Designed to traditional data center specifications 17#18Development Timeline Q4 2021 Design 0 18#19Design KEY FEATURES 1 Simple 2 Redundant 3 Robust 4 Elevated 5 Optimized for Uptime 6 Decentralized 19#20Development Timeline DEC 2021 Completed Procurement of Long Lead Equipment Q4 2021 Design 0 20#21Globally Sourced w Capitol Dr VESSEL TRACKING PLATFORM valescent tal W8th St S Patton Ave 5 Walker Ave W 16th St 19th St 26th St h St Barbara St N Bandini St Gatun St W3rd St S Alma St S Meyler St SAN PEDRO Vons W4th St W 25th St W 23rd St W 30th Se W 20th St W 26th St N Mesa St Carolina St S Denison Ave W 2nd St W 18th St 5 Centr W 10th St W 12th St W 14th St W 16th St N Front St 5 Beacon St W 22nd St Cabrillo Maring Aquarium Morm Vincent Thomas Bridge O e SS Lane Victory Terminal Way Cannery St OP Ferry St 100 of Los Angeles O Terminal Island (0) D Nimitz Rd Navy Way CMA CGM MEXICO Container Ship Add to Fleet CN YTN ATD: 2023-01-25 18:07 -PAST TRACK Navigational Status: Moored 33°45'27.10 W118 1823.20 122 7575 119 3064) Vessel Details US LAX ATA: 2023-02-09 02:13 USE ROUTE TOOL Speed/Course: Draught: Okn/0⁰ 13.3m Received: 4 minutes ago (AIS Source: Seal Beach) + 14 O Equipment / Material MV Switchgear LV Switchgear HV Cable Miner Miner Modular Data Center O&M Building MV Transformers Network Switches Engineering Services MV Switchgear Generators UPS Location Germany Canada Turkey Thailand Malaysia Texas, USA Georgia, USA China Korea Louisiana, USA Illinois, USA Wisconsin, USA Philippines 21#22Development Timeline DEC 2021 Completed Procurement of Long Lead Equipment Q4 2021 Design 0 8 JAN 2022 Broke Ground 22#23Beginning Conditions at the Odessa Data Center#24Development Timeline DEC 2021 Completed Procurement of Long Lead Equipment 53 Q4 2021 Design SEP 2022 Ready to Mine First Circuits Completed & Ready to Start Mining EM B 0 र JAN 2022 Broke Ground Started Construction ব NOV 2022 ERCOT Approval Started Mining 24#25ODESSA Current Footprint Odessa ~4.2 EH/S 143 MW Hashing Capacity 85 Transformers Installed & Energized 53 Miles Electrical Cables Installed 41 Miles Fiber Optic Cables Installed#26Site Operations Data Center Technicians Google ∞ Meta Remote Operations EXF Control EXF Control: Program EXF 1: 100% EXF 2: 100% EXF 3: 100% EXF EXF 5: 100% EXF 6: 100% EXF 7: 100% EXF 8: 100% EXF 9: 100% EXF 10: 100% EXF 11: 0% EXF 12: 99% EXF 13: 100% EXF 14: 100% EXF 15: 100% EXF 16: 100% EXF 17: 100% EXF 18: 100% EXFs Detailed M i Total Power: 1078.0 KW n e r Power Meter Highly experienced Infrastructure to and qualified Data + enable remote Center Technicians visibility & ops Avg Voltage: Total Current 279 V 3883 A Breaker Control Cold Corridor Cold Aisle Temp: 84.5 F 85 Air Flow + 60 D/P A 52.0 D/P B 53.75 Louver Control Louver Control: Program Louver 1 Command: 100 Feedback: 97 F Louver 2 1 Command: 100 I Feedback: 100 t Louver 31 Command: 100 Feedback: 97 Louver 4 Command: 100 W Feedback: 101 Data Center Operations Success Equation a Louver 5 Command: 100 Feedback: 101 Louver 6 Command: 100 Feedback: 96 Louver HOA: Auto Work Orders ) n group: Adve Code 558 288 422 478 479 490 Ticketing This is for taking the spet acting and dags. CHAD 13 Opus Checking 7tal Ceas Checht/dng CHAD Os Ceck/Caring Opere Check/Geing OHMAD 41 Operations Checklt/Geeing CHAD42 Operations Checks/Geaning ORD4) Optone Checkt/Geening CHAD 443 Opeations Checklist/ Geaning Ticketing platform that automates, prioritizes, and integrates 3rd parties Plody A Assots P2 P2 Miner Stagg 1005-MSI CHAD 103(CHAD- CHAD 027 (CHAD-9275 CHAD 031 (CH40-0313 CHAD 037 (CHAD-937) CHAD 938 (0440-03m CHAD 039 CHA0-02 CHAD 040 (CH40-04 CHAD 041(CH40-041 CHAD 042(040-0423 CHAD 043 (CHAD-05T CHAD 044 (CHAD-040 Ope Cow Che Ove Ove Obe Open Quen Importan Inpation pictin inpectio Inpodin impection Inspectio Impection Impoction Inpection Inspection Inspection Inspection Set Point: 147 MW INI MW 120- Close partnership with data science team to build decision tree engines Data Science = Curtail to 0 in ma Current Usage (at Meter): 37.01 MW Lo set wal Power Production Usage (Meter +ERCOT IMP EKON В 26#27Technology 888#28CIPHER TECH Making Cipher a Data Driven Company Data Engineering Creating the best data sourcing and reporting platform % Data Science Developing insights. through models and business intelligence Info Security Monitoring threats and implementing corporate process controls App Development Building custom software for miner control, operations, risk, and treasury management Infra Support Making sure everything works We've built the Cipher platform to make the best strategic and operational decisions based on solid data analysis and interpretation 28#29Using Data to Drive Site Ops and Site Ops to Enhance Data Data Sourcing ercot Transmission & Production W LMPS WindHQ foundry coinbase + Others T databricks Business Logic Data Science & Business Analysis decisions miner statistics Miner Control ttt control Miner Firmware Be 0000000 00000⁰⁰ 0000000 KPI, Monitoring, and Alerting pd 29#30Alborz Pioneering Data Driven Operations in Bitcoin Mining KEY CHALLENGES P ● Fully behind-the-meter • No grid connection, need to react to 100% of production volatility in real-time while maximizing available power availability Wind is challenging; storms come suddenly Significant consequences to consuming more than the wind farm produces • No existing miner control framework could react fast enough or hit a power target at scale ● 3 ● 30#31Liidu Bear and Chief Optimizing Dollar Profitability for Grid Connected Sites KEY CHALLENGES Only operate when profitable • Enhance revenue through participation in day-ahead markets Monetize ancillary services through rapid curtailment Need to avoid 4CP events Sites are remote ● ● T>>>> ● ● h 31#32Odessa Deploying Data Driven Analysis for Operations at Scale KEY CHALLENGES Reacting to Luminant curtailment actions Enhance revenue through power sales Optionality on take-or-pay - combined challenge of FTM/BTM site Very large scale ● ● ● ● i E 32#33Some Other Cipher Use Cases for Model Driven Decisions EXAMPLES OF OTHER DATA SCIENCE INITIATIVES B / \ 0 ())) Neural Net modeling of projected network hash rate Bitcoin price predictions Power market volatility and spike probability Quantifying 'cost to curtail' Strategic decision modeling Data anomaly and outlier detection Real-time power generation and congestion analytics Treasury management and trading#34Treasury Platform#35Treasury Platform Overview ☆ Minimize power price exposure through optimization strategies Leverage 15+ years of commodities experience providing solutions to corporate producers, consumers, and refiners Prudent management of BTC inventories and cash balances 88 Ensure a safe and robust control and operational environment under a collaborative decision- making framework Bitcoin mining is just like any other energy refining process 35#36BTC Management - Overview CORE STRATEGIES SELL • Daily liquidation Target OPEX+ coverage Balance liquidity and market view Increase allocation with strong bearish view ● ● OPPORTUNISTIC STRATEGIES YIELD Short futures and/or options 1-3 months forward ● • Margin requirement consideration ● ● Increase allocation relative to futures carry or rich implied volatility HOLD Target inventory build over time Serviceable as collateral Increase allocation with strong bullish view HEDGE Costless tail-hedged structures • Margin requirement consideration ● Suitable in varying market conditions ● 36#37BTC Management – Principles - LIQUIDATION PRINCIPLES • Minimize market impact with TWAP execution Cold wallet storage for inventory ● • Continuous monitoring of trading hot wallet balances Daily USD sweep to US Bank custody account • FDIC insurance ● • US Bank money market yield - hurdle rate for portfolio HEDGING PRINCIPLES Outperform hurdle rate on liquidation strategy Select high quality counterparties • CME futures / FCM ● ● ● ● ● ● Require ISDA / CSA agreements for OTC hedges Require tri-party arrangements for OTC collateral Right-way credit risk requirement on OTC hedges Daily USD sweep to US Bank custody account 37#38POWER MANAGEMENT BEHIND-THE-METER FRONT-OF-THE-METER OTHER Odessa Fixed price PPA with embedded optionality Fully automated mine / curtailment management of data center Optimize power price exposure through real-time sale of power when revenue is greater than mining economics Take advantage of forward sales of power when market allows ● ● Bear and Chief Floating price exposure at Load Zone (West) Fully automated mine / curtailment management of datacenter Optimize power price exposure through systematic decision making across the real-time, day-ahead energy markets Enhance revenues from the ancillary services market by participating as an ERCOT Controllable Load Resource OTC Market Portfolio approach across datacenters Aggregate power exposures across all assets Basis market participation 38#39Safe Harbor This presentation has been prepared by Cipher Mining Inc. and is made for informational purposes only. The information set forth herein does not purport to be complete or to contain all of the information you may desire. You must evaluate, and bear all risks associated with, the use of any information provided hereunder, including any reliance on the accuracy, completeness, safety or usefulness of such information. This information is not intended to be used as the primary basis of investment decisions. It should not be construed as advice designed to meet the particular investment needs of any investor. Statements contained herein are made as of the date of this presentation unless stated otherwise, and this presentation shall not under any circumstances create an implication that the information contained herein is correct as of any time after such date or that information will be updated or revised to reflect information that subsequently becomes available or changes occurring after the date hereof. You should read the Company's Quarterly Report on Form 10-Q for the period ended September 30, 2022, the risk factors contained therein, and the other documents that the Company has filed with the SEC for more information about the Company. You can obtain these documents for free by visiting EDGAR on the SEC website at www.sec.gov or on our website at https://investors.ciphermining.com/financial-information/sec-filings. This presentation shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. 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 presentation that are not statements of historical fact, including statements about the Company's beliefs and expectations regarding our performance, strategy, expansion plans, future operations, future operating results, projected costs, prospects, plans, and objectives of our management, are forward-looking statements and should be evaluated as such. Forward-looking statements include information concerning possible or assumed future results of operations, including descriptions of our business plan and strategies. These statements often include words such as "anticipate," "expect," "suggests," "plan," "believe," "intend," "estimates," "targets," "projects," "should," "could," "would," "may," "will," "forecast," "outlook," "guidance" and other similar expressions. The Company bases these forward- looking statements on its current expectations, plans and assumptions that the Company has made in light of its experience in the industry, as well as its perceptions of historical trends, current conditions, expected future developments and other factors the Company believes are appropriate under the circumstances at such time. As you read and consider this presentation, you should understand that these statements are not guarantees of future performance or results. The forward-looking statements are subject to and involve risks, uncertainties and assumptions, and you should not place undue reliance on these forward-looking statements. Although the Company believes that these forward-looking statements are based on reasonable assumptions at the time they are made, you should be aware that many factors could affect the Company's actual results or results of operations and could cause actual results to differ materially from those expressed in the forward-looking statements. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. All future written and oral forward-looking statements made in connection with this presentation attributable to the Company or persons acting on the Company's behalf are expressly qualified in their entirety by this paragraph. The contents and appearance of this presentation is copyrighted and the trademarks and service marks are owned by Cipher Mining Inc. All rights reserved. 39