Cipher Mining Investor Presentation Deck

The Evolving Bitcoin Mining Landscape Tremendous advantages to having scale in mining bitcoin • Miners and investors more comfortable with large capital allocations to projects • As miners have come to market with increasing scale, the industry is evolving and will continue to go through phases of maturation Phase I Capital 2020 Source: Cipher Mining management Phase II Securing Rigs 2021 Phase III Infrastructure Execution 2022 Phase IV Power Industry Integration 2023 Phase V Downstream Integration 2024 5

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