Cipher Mining Announces February 2024 Operational Update

Cipher Mining Inc.

(NASDAQ:CIFR)

(“Cipher” or the “Company”) today released its unaudited production and operations update for February 2024.

Key Highlights

Key Metrics	February 2024*
BTC Mined	334
Power Sales Equivalent BTC1	2
BTC Sold	33
BTC Held	1,433
Deployed Mining Rigs	70,000
Month End Operating Hash Rate (EH/s)	7.4

*Approximate values

Bitcoin Production and Operations Updates for February 2024Cipher produced ~334 BTC in February amidst average monthly network hash rate increasing ~9.4%. As part of its regular treasury management process, Cipher sold ~33 BTC in February, ending the month with a balance of ~1,433 BTC.

Cipher will host its Fourth Quarter and Full Year 2023 results call on Tuesday, March 5th at 8:00 am ET, and we look forward to updating the market on the latest financials, operations, and growth plans.

The live webcast and a webcast replay of the conference call can be accessed from the investor relations section of Cipher’s website at https://investors.ciphermining.com. To access this conference call by telephone, register here to receive dial-in numbers and a unique PIN to join the call.

Disruptors being prepared for deployment at Bear and Chief

About CipherCipher 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. Cipher’s next earnings call is scheduled for March 5th. To learn more about Cipher, please visit https://www.ciphermining.com/

Forward Looking StatementsThis 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 KaneHead of Investor Relations at Cipher [e-mail]

Media Contact:Ryan Dicovitsky / Kendal TillDukas Linden Public [e-mail]

1 Represents unaudited power sales estimates for the month of February (based on current meter data and nodal prices) divided by the bitcoin price as of February 29, 2024 of ~$62,494

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/026cb6ed-7307-435c-a733-42f1bbb8592c