Cipher Mining Announces 60 MW Expansion of its Bear and Chief Joint Venture Data Centers and Purchase of 16,700 New Miners from Canaan Inc.

Cipher Mining Inc. (NASDAQ: CIFR) (“Cipher”), a leading developer and operator of bitcoin mining data centers, announced today that Bear LLC and Chief Mountain LLC, the joint venture entities in which Cipher holds 49% interests, have entered into agreements with Canaan to purchase 16,700 units of the latest generation Avalon A1466 miners for delivery in the second quarter of 2024. Cipher and its joint venture partner plan to install half of these miners at the Bear facility and half at the Chief facility, representing an expansion of ~30 MW, or ~1.25 EH/s, at each data center. Payment terms allow Bear LLC and Chief Mountain LLC to deliver up to 30% of the total consideration in the 90 days after delivery.

Tyler Page, CEO of Cipher, commented, “We are pleased to announce we have finalized and funded the plans for initial 30 MW expansions in the second quarter at each of our Bear and Chief joint venture facilities. These expansions, along with plans for our newly acquired Black Pearl site, position us for strong growth, and I expect Cipher to be one of the industry winners coming out of the halving.”

“We are also very excited to execute our second miner purchase and expand our relationship with Canaan, and happy to have done so at this point in the machine market cycle and on very favorable terms. The Canaan machines we purchased last year are among the best performing miners in our fleet, especially in the Texas summer heat, and we look forward to adding another 2.5 EH/s of their machines to our joint venture data centers in Texas with this purchase,” continued Mr. Page.

About Cipher

Cipher is an emerging technology company focused on the development and operation of bitcoin mining data centers. Cipher is dedicated to expanding and strengthening the Bitcoin network's critical infrastructure. Together with its diversely talented team and strategic partnerships, Cipher aims to be a market leader in bitcoin mining growth and innovation. To learn more about Cipher, please visit https://www.ciphermining.com/

Forward Looking Statements

This press release contains certain forward-looking statements within the meaning of the federal securities laws of the United States. 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 press release that are not statements of historical fact, including statements about our beliefs and expectations regarding our future results of operations and financial position, business strategy, timing and likelihood of success, potential expansion of or additional bitcoin mining data centers, expectations regarding the operations of mining centers, and management plans and objectives, 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 forward-looking statements generally are identified by the words “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “seeks,” “intends,” “targets,” “projects,” “contemplates,” “believes,” “estimates,” “strategy,” “future,” “forecasts,” “opportunity,” “predicts,” “potential,” “would,” “will likely result,” “continue,” and similar expressions (including the negative versions of such words or expressions).

These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by Cipher and our management, are inherently uncertain. Such forward-looking statements are subject to risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied by such forward looking statements. New risks and uncertainties may emerge from time to time, and it is not possible to predict all risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: volatility in the price of Cipher’s securities due to a variety of factors, including changes in the competitive and regulated industry in which Cipher operates, variations in performance across competitors, changes in laws and regulations affecting Cipher’s business, and the ability to implement business plans, forecasts, and other expectations and to identify and realize additional opportunities. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of our Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 14, 2023, and in Cipher’s subsequent filings with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Cipher assumes no obligation and, except as required by law, does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.

Contacts:

Investor Contact:

Josh Kane

Head of Investor Relations at Cipher Mining

[e-mail]

Media Contact:

Ryan Dicovitsky / Kendal Till

Dukas Linden Public Relations

[e-mail]