Cipher Mining Investor Presentation Deck
Implementation Plan Update
Market Update
$70,000
$60,000
$50,000
$40,000
$30,000
1
2
11/1/2021
Volatile Bitcoin prices
12/1/2021
Other miners finding infrastructure now the
chokepoint preventing deployment
Cipher
888 Mining
Key Priorities
Bitcoin Price ($USD)(¹)
- Inquiries from other miners asking to host
idle machines
1/1/2022
Source: Cipher Mining management
(1) Represents average USD market price across major Bitcoin exchanges from November 1, 2021, to March 1, 2022, per Blockchain.com
2/1/2022
1 Continued timely deployment at current sites
2 Maintain flexibility in dynamic rig market
3/1/2022
3 Mining rig market is evolving
- Bitmain broadly launched S19 XP and S19 Pro+ Hyd.
- Intel rumored to launch competitive ASIC miner
- Inbound inquiries from secondary sellers with
increasingly competitive pricing
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