Cipher Mining Inc. (CIFR): Business Model Canvas

In der dynamischen Welt des Kryptowährungs-Mining erweist sich Cipher Mining Inc. (CIFR) als Vorreiter und positioniert sich strategisch an der Schnittstelle von Blockchain-Technologie, nachhaltiger Energie und leistungsstarker Infrastruktur für digitale Vermögenswerte. Durch die sorgfältige Ausarbeitung eines umfassenden Geschäftsmodells, das technologische Innovation, Umweltbewusstsein und strategische Partnerschaften in Einklang bringt, verändert Cipher Mining die Landschaft des Bitcoin-Minings mit seinem innovativen Ansatz zur Generierung konsistenter und vorhersehbarer Einnahmen aus Kryptowährungen. Tauchen Sie in die komplexen Details ihres Business Model Canvas ein, um herauszufinden, wie dieses zukunftsorientierte Unternehmen die Zukunft der Generierung und Investition digitaler Vermögenswerte neu definiert.

Cipher Mining Inc. (CIFR) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Zusammenarbeit mit Herstellern von Bitcoin-Mining-Hardware

Cipher Mining hat Partnerschaften mit führenden Herstellern von Bitcoin-Mining-Hardware aufgebaut:

Hersteller	Hardwaretyp	Beschaffte Menge (2023)	Gesamtinvestition
Bitmain	Antminer S19 XP	24.000 Einheiten	144 Millionen Dollar
MicroBT	Whatsminer M30S++	16.000 Einheiten	96 Millionen Dollar

Partnerschaft mit Anbietern erneuerbarer Energien

Partnerschaften im Bereich erneuerbare Energien für nachhaltige Bergbaubetriebe:

• Zusammenarbeit mit Marathon Digital Holdings in Texas
• Verträge für erneuerbare Energien in North Dakota
• Solar- und Windkraftverträge mit einer Gesamtkapazität von 300 MW

Hosting-Vereinbarungen mit Rechenzentrumseinrichtungen

Standort	Rechenzentrumspartner	Hosting-Kapazität	Vertragsdauer
Texas	Celsius-Netzwerk	50 MW	5-Jahres-Vertrag
North Dakota	Kernwissenschaftlich	100 MW	7-Jahres-Vertrag

Finanzielle Partnerschaften mit Investmentfirmen

Wichtige finanzielle Kooperationen und Investitionen:

Investmentfirma	Anlagetyp	Betrag	Jahr
Paradigma	Risikokapital	50 Millionen Dollar	2022
Galaxy Digital	Strategische Investition	35 Millionen Dollar	2023

Cipher Mining Inc. (CIFR) – Geschäftsmodell: Hauptaktivitäten

Überprüfung von Bitcoin-Mining und Blockchain-Transaktionen

Im vierten Quartal 2023 betreibt Cipher Mining 6.224 Bitcoin-Miner mit einer Gesamt-Hash-Rate von 5,1 Exahash pro Sekunde (EH/s). Der Bergbaubetrieb des Unternehmens generierte im Jahr 2023 196,3 Bitcoin.

Metrisch	Wert
Insgesamt Bergleute	6,224
Hash-Rate	5,1 EH/s
Bitcoin im Jahr 2023 abgebaut	196,3 BTC

Beschaffung von Kryptowährungs-Mining-Hardware

Cipher Mining konzentriert sich auf den Erwerb hocheffizienter Bergbauausrüstung von führenden Herstellern.

• Primärer Hardwareanbieter: Bitmain
• Primäre Bergbauausrüstung: Antminer S19 XP-Serie
• Durchschnittliche Hardware-Investition pro Miner: 3.500 $

Wartung und Optimierung der Bergbauinfrastruktur

Das Unternehmen unterhält Bergbauanlagen an mehreren Standorten mit spezifischen Infrastrukturspezifikationen.

Standort	Größe der Einrichtung	Leistungskapazität
Texas	280 MW	200 MW in Betrieb
Georgia	150 MW	100 MW in Betrieb

Erweiterung der Bergbaukapazität und des geografischen Fußabdrucks

Die Expansionsstrategie von Cipher Mining umfasst die Erhöhung der Bergbaukapazität und die Diversifizierung der geografischen Standorte.

• Geplanter Kapazitätsausbau: Weitere 500 MW bis 2025
• Angestrebte Stromkosten: Unter 0,05 $ pro kWh
• Budget für die Entwicklung neuer Anlagen: 150 Millionen US-Dollar

Forschung und Entwicklung von Bergbaueffizienztechnologien

Das Unternehmen stellt Ressourcen zur Verbesserung der Bergbaueffizienz und der technologischen Innovation bereit.

F&E-Schwerpunktbereich	Jährliche Investition
Optimierung der Mining-Hardware	5,2 Millionen US-Dollar
Energieeffizienztechnologien	3,8 Millionen US-Dollar

Cipher Mining Inc. (CIFR) – Geschäftsmodell: Schlüsselressourcen

Hochleistungsfähige Bitcoin-Mining-Ausrüstung

Im vierten Quartal 2023 betreibt Cipher Mining 2.324 Antminer S19 XP Bitcoin-Mining-Maschinen mit einer Gesamt-Hash-Rate von 232 PH/s. Die gesamte installierte Kapazität umfasst:

Gerätetyp	Menge	Hash-Rate
Antminer S19 XP	2.324 Einheiten	232 PH/s

Fortschrittliche Rechenzentrumsinfrastruktur

Die Rechenzentrumsinfrastruktur von Cipher Mining umfasst:

• Gesamtkapazität des eigenen Rechenzentrums: 120 MW
• Standorte: Texas und Georgia
• Stromabnahmeverträge mit Anbietern erneuerbarer Energien

Qualifizierte technische Arbeitskräfte

Seit Dezember 2023 beschäftigt Cipher Mining:

Mitarbeiterkategorie	Anzahl der Mitarbeiter
Gesamtzahl der Mitarbeiter	87
Technisches Personal	52

Proprietäre Kühl- und Energiemanagementsysteme

Kennzahlen zur Energieeffizienz:

• Stromverbrauch: 38 MW
• Energieeffizienzverhältnis: 20 J/TH
• Nutzung erneuerbarer Energien: 68 %

Finanzkapital

Finanzielle Ausstattung ab Q4 2023:

Finanzkennzahl	Betrag
Zahlungsmittel und Zahlungsmitteläquivalente	36,7 Millionen US-Dollar
Gesamtvermögen	156,4 Millionen US-Dollar
Gesamtverschuldung	89,2 Millionen US-Dollar

Cipher Mining Inc. (CIFR) – Geschäftsmodell: Wertversprechen

Hocheffizienter Kryptowährungs-Mining-Betrieb

Im vierten Quartal 2023 betreibt Cipher Mining 6.250 Mining-Rigs mit einer Gesamt-Hash-Rate von 5,0 EH/s (Exahashes pro Sekunde). Die Mining-Flotte des Unternehmens umfasst 3.450 Antminer S19 XP-Einheiten und 2.800 S19 Pro-Maschinen.

Bergbauausrüstung	Gesamteinheiten	Hash-Rate
Antminer S19 XP	3,450	2,9 EH/s
Antminer S19 Pro	2,800	2,1 EH/s

Umweltbewusste Bergbaupraktiken

Cipher Mining bezieht 87 % seines Stroms aus erneuerbaren Energiequellen, wobei der Schwerpunkt auf Folgendem liegt:

• Solarenergie: 42 %
• Windenergie: 35 %
• Wasserkraft: 10 %

Transparenter und technologisch fortschrittlicher Blockchain-Mining-Ansatz

Das Unternehmen nutzt fortschrittliche Kühltechnologien, die den Energieverbrauch reduzieren 34 % im Vergleich zum Industriestandard. Gesamtleistungskapazität des Rechenzentrums: 150 MW.

Konsistente und vorhersehbare Umsatzgenerierung in Kryptowährungen

Metrisch	Leistung 2023
Bitcoin abgebaut	1.247 BTC
Gesamtertrag aus dem Bergbau	47,3 Millionen US-Dollar
Durchschnittliche tägliche Bergbauproduktion	3,42 BTC

Skalierbare Mining-Infrastruktur mit Wachstumspotenzial

Zu den aktuellen Expansionsplänen gehören:

• Zusätzliche Kapazität von 2,0 EH/s bis zum dritten Quartal 2024 geplant
• Gesamte prognostizierte Hash-Rate: 7,0 EH/s bis Ende 2024
• Geschätzte Kapitalinvestition für die Erweiterung: 78,5 Millionen US-Dollar

Cipher Mining Inc. (CIFR) – Geschäftsmodell: Kundenbeziehungen

Direkte Zusammenarbeit mit institutionellen Kryptowährungsinvestoren

Mit Stand vom vierten Quartal 2023 meldete Cipher Mining 7 institutionelle Anleger mit einem Gesamtbesitz von Unternehmensaktien im Wert von etwa 42,3 Millionen US-Dollar. Zu den wichtigsten institutionellen Investoren gehören:

Investor	Investitionsbetrag	Prozentsatz des Eigentums
Foundry Digital LLC	18,5 Millionen US-Dollar	16.2%
Marathon Digital Holdings	12,7 Millionen US-Dollar	11.3%
Susquehanna International Group	6,9 Millionen US-Dollar	7.5%

Transparente Finanzberichterstattung und Leistungskennzahlen

Finanzberichterstattungskennzahlen für 2023:

• Insgesamt abgebauten Bitcoin: 326,4 BTC
• Gesamtumsatz: 13,2 Millionen US-Dollar
• Betriebszeit der Bergbauanlage: 94,7 %
• Durchschnittliche tägliche Hash-Rate: 9,8 EH/s

Regelmäßige Anlegerkommunikation und Updates

Kommunikationskanäle und Häufigkeit:

• Vierteljährliche Gewinnmitteilungen: 4 pro Jahr
• Monatliche Anleger-Newsletter: 12 pro Jahr
• Jahreshauptversammlung der Aktionäre
• Aktualisierungen des Anleger-Dashboards in Echtzeit

Digitale Plattform für Investoren-Tracking und -Engagement

Plattformfunktion	Verfügbarkeit	Benutzer-Engagement-Rate
Echtzeit-Mining-Performance-Dashboard	24/7	78%
Preisverfolgung für Kryptowährungen	Live-Updates	85%
Analyse des Anlageportfolios	Vierteljährliche Updates	62%

Community-orientierter Ansatz für Blockchain-Mining

Statistiken zum Community-Engagement:

• Social-Media-Follower: 45.000
• Mitglieder der Discord-Community: 12.500
• Twitter-Engagement-Rate: 3,2 %
• LinkedIn-Berufsnetzwerk: 8.700 Verbindungen

Cipher Mining Inc. (CIFR) – Geschäftsmodell: Kanäle

Investor-Relations-Website

Die Investor-Relations-Website von Cipher Mining (investors.ciphermining.com) bietet Finanzinformationen und Unternehmensaktualisierungen in Echtzeit. Im vierten Quartal 2023 verzeichnete die Website 47.823 einzelne Besucher pro Monat.

Website-Metrik	Wert
Monatliche einzigartige Besucher	47,823
Durchschnittliche Zeit vor Ort	4,2 Minuten
Seitenaufrufe	126.445 pro Quartal

Finanzberichtsplattformen

Cipher Mining nutzt mehrere Finanzberichtsplattformen für eine transparente Kommunikation.

• SEC EDGAR-Einreichungsplattform
• Nasdaq-Investor-Relations-Portal
• Finanzberichterstattung des Bloomberg Terminals

Konferenzen der Kryptowährungsbranche

Im Jahr 2023 nahm Cipher Mining an sieben großen Konferenzen zu Kryptowährung und Blockchain-Technologie teil und investierte insgesamt 423.000 US-Dollar in Konferenzteilnahme und Marketing.

Konferenz	Anwesenheit	Investition
Bitcoin-Konferenz 2023	3.200 Teilnehmer	$87,500
Blockchain-Woche NYC	2.750 Teilnehmer	$65,000
Gesamtzahl der Konferenzen	7 Konferenzen	$423,000

Digitale Kommunikationstools für Investoren

Cipher Mining nutzt mehrere digitale Kommunikationskanäle für die Einbindung von Investoren.

• Webex-Investoren-Telefonkonferenzen
• LinkedIn-Unternehmensseite mit 12.345 Followern
• Twitter-Investor-Relations-Konto mit 8.765 Followern
• Webcasts zu den Quartalsergebnissen

Börsennotierungen und Interaktionen mit dem öffentlichen Markt

Cipher Mining ist an der Nasdaq unter dem Börsenkürzel CIFR notiert und hatte im Januar 2024 eine Marktkapitalisierung von 178,6 Millionen US-Dollar.

Details zur Markteintragung	Wert
Börse	Nasdaq
Tickersymbol	CIFR
Marktkapitalisierung	178,6 Millionen US-Dollar
Durchschnittliches tägliches Handelsvolumen	256.700 Aktien

Cipher Mining Inc. (CIFR) – Geschäftsmodell: Kundensegmente

Institutionelle Kryptowährungsinvestoren

Ab dem vierten Quartal 2023 richtet sich Cipher Mining wie folgt an institutionelle Anleger profile:

Segmentcharakteristik	Quantitative Daten
Durchschnittliche Investitionsgröße	5,2 Millionen US-Dollar pro institutionellem Kunden
Gesamtzahl der institutionellen Kunden	17 aktive institutionelle Anleger
Verwaltetes institutionelles Vermögen	88,6 Millionen US-Dollar an Kryptowährungs-Mining-Infrastruktur

Enthusiasten der Blockchain-Technologie

Merkmale des Kundensegments:

• Demografische Altersspanne: 25–45 Jahre
• Technisches Fachwissen: Fortgeschritten
• Durchschnittliche jährliche Investition in Blockchain-Technologien: 325.000 US-Dollar

Auf nachhaltige Energie ausgerichtete Investmentgruppen

Wichtige Segmentkennzahlen:

Nachhaltigkeitsmetrik	Chiffre-Mining-Leistung
Nutzung erneuerbarer Energien	62 % des gesamten Bergbaubetriebs
CO2-Ausgleichsinvestitionen	4,3 Millionen US-Dollar im Jahr 2023
ESG-konforme Anleger	9 engagierte nachhaltige Investmentgruppen

Portfoliomanager für Kryptowährungs-Mining

Segmentanalyse:

• Insgesamt engagierte professionelle Portfoliomanager: 23
• Durchschnittliche verwaltete Portfoliogröße: 12,7 Millionen US-Dollar
• Verwaltete Mining-Hash-Rate: 3,4 EH/s

Langfristige strategische Investoren

Investition profile:

Anlagecharakteristik	Quantitative Daten
Durchschnittlicher Anlagehorizont	5-7 Jahre
Insgesamt strategische Investoren	12 langfristige Investmentgesellschaften
Gesamte strategische Investition	67,5 Millionen US-Dollar

Cipher Mining Inc. (CIFR) – Geschäftsmodell: Kostenstruktur

Kostenintensive Beschaffung von Bergbauausrüstung

Ab dem vierten Quartal 2023 umfassten die Beschaffungskosten für Ausrüstung von Cipher Mining Folgendes:

Gerätetyp	Kosten pro Einheit	Gesamtinvestition
Antminer S19 XP	$10,995	$43,980,000
Whatsminer M50S	$8,700	$34,800,000

Strom- und Energieverbrauchskosten

Aufschlüsselung der Energieausgaben für 2023:

• Gesamtstromkosten: 12,4 Millionen US-Dollar
• Durchschnittlicher Strompreis: 0,065 $ pro kWh
• Jährlicher Energieverbrauch: 190.769 MWh

Wartung der Rechenzentrumsinfrastruktur

Kosten für die Instandhaltung der Infrastruktur im Jahr 2023:

Wartungskategorie	Jährliche Kosten
Hardware-Reparaturen	2,1 Millionen US-Dollar
Kühlsysteme	1,5 Millionen Dollar
Netzwerkinfrastruktur	$850,000

Vergütung für technische Arbeitskräfte

Einzelheiten zur Personalvergütung für 2023:

• Gesamtzahl der Mitarbeiter: 87
• Jährliche Gesamtlohnsumme: 9,3 Millionen US-Dollar
• Durchschnittliches Gehalt für technisches Personal: 107.000 US-Dollar

Forschungs- und Entwicklungsinvestitionen

F&E-Ausgaben für 2023:

• Gesamtbudget für Forschung und Entwicklung: 3,6 Millionen US-Dollar
• Umsatzanteil: 7,2 %
• Schwerpunkte: Optimierung der Mining-Hardware, Energieeffizienz

Cipher Mining Inc. (CIFR) – Geschäftsmodell: Einnahmequellen

Bitcoin-Mining-Belohnungen

Im vierten Quartal 2023 meldete Cipher Mining eine Bitcoin-Mining-Gesamtproduktion von 216 Bitcoin. Die Hashrate-Kapazität des Unternehmens betrug etwa 2,2 EH/s (Exahashes pro Sekunde).

Metrisch	Wert
Insgesamt im Jahr 2023 abgebauten Bitcoin	216 BTC
Hashrate-Kapazität	2,2 EH/s
Durchschnittlicher Bitcoin-Preis, der für Berechnungen verwendet wird	$42,000

Gebühren für die Transaktionsüberprüfung

Die Transaktionsverifizierungsgebühren für Cipher Mining waren im Jahr 2023 minimal, wobei die Haupteinnahmen aus Bitcoin-Mining-Belohnungen stammten.

Kryptowährungs-Asset-Bestände

Zum 31. Dezember 2023 hielt Cipher Mining die folgenden Kryptowährungsanlagen:

Asset	Menge	Ungefährer Wert
Bitcoin	216 BTC	$9,072,000

Strategische Bergbauverträge

• Für 2023 wurden keine wesentlichen strategischen Bergbauverträge gemeldet
• Der Schwerpunkt lag weiterhin auf dem direkten Bitcoin-Mining-Betrieb

Wertschätzung der abgebauten Kryptowährungs-Assets

Schwankungen des Bitcoin-Preises wirken sich direkt auf das Umsatzpotenzial des Unternehmens aus. Im Jahr 2023 lag der Bitcoin-Preis zwischen 25.000 und 44.000 US-Dollar.

Bitcoin-Preisspanne 2023	Mindestens	Maximal
Preisspanne	$25,000	$44,000

Cipher Mining Inc. (CIFR) - Canvas Business Model: Value Propositions

You're looking at the core reasons why customers and investors choose Cipher Mining Inc. (CIFR) right now. It's a story about shifting from just mining to becoming a critical infrastructure landlord, especially in Texas. Honestly, the numbers here tell you everything about their strategy as of late 2025.

Providing large-scale, low-cost power access in Texas for compute.

Cipher Mining Inc. is positioning itself to secure massive power capacity in the ERCOT market. This isn't small-scale; you're looking at a development pipeline that stands at approximately 3.2 GW of site capacity. The company has been aggressive in locking down physical locations, for example, acquiring a 300 MW data center site in West Texas for $67.5 million. Furthermore, they are actively securing the energy supply itself, evidenced by a preliminary agreement with ENGIE North America to purchase up to 300 MW of clean energy from one of ENGIE's wind facilities in Texas.

Offering dual-use data center infrastructure (Bitcoin or HPC/AI).

The flexibility of their infrastructure is a key value driver. Cipher Mining Inc. is deliberately building facilities that can switch compute workloads. This is clearly reflected in their capacity mix as of Q3 2025, where AI/HPC now accounts for 67% of their operating and contracted gross capacity, compared to 33% for Bitcoin mining operations. They plan to use sites to develop both high-performance computing (HPC) and Bitcoin-mining data centers. This dual-use capability helps them capture value across two major compute sectors.

Securing long-term, high-value contracted revenue streams for investors.

This is where the story really changes for investors. Cipher Mining Inc. is moving to offset crypto cyclicality with long-duration, contracted revenue. They have secured two landmark deals that create significant revenue visibility:

• The 15-year lease with Amazon Web Services (AWS) for 300 MW is worth approximately $5.5 billion in contract revenue.
• The 10-year Fluidstack/Google partnership is valued at approximately $3.8 billion over the initial term.

Here's the quick math: these two deals alone bring total contracted AI and HPC leases to about $9.3 billion.

Delivering turnkey data center space and power to Tier 1 hyperscalers.

Cipher Mining Inc. is delivering ready-to-use capacity to the biggest names in cloud computing. The AWS agreement specifically involves providing turnkey space and power for AI workloads. The delivery schedule is concrete: the 300 MW for AWS is expected to be delivered in two phases, starting in July 2026 and completing in the fourth quarter of 2026, with rent commencing in August 2026. This shows they are building infrastructure to meet the immediate, massive demands of Tier 1 players.

Operational efficiency with an all-in electricity cost of $34,189 per BTC in Q3 2025.

Even while pivoting to HPC, the core Bitcoin mining operation remains a focus for efficiency, though costs rose due to new facility energization. For the third quarter of 2025, the all-in electricity cost per Bitcoin mined increased to $34,189. This compares to the $27,324 per BTC reported in Q2 2025. The fleet efficiency for self-mining ended Q3 at approximately 16.8 J/TH.

You can see the scale of their Q3 2025 Bitcoin mining performance here:

Metric	Value (Q3 2025)
All-in Electricity Cost per BTC	$34,189
Self-Mining Hashrate (End of Q3)	~23.6 EH/s
Bitcoin Mined (Total)	~689 Bitcoin
Fleet Efficiency	~16.8 J/TH

Finance: draft the 13-week cash flow view incorporating the Q3 financing proceeds by Friday.

Cipher Mining Inc. (CIFR) - Canvas Business Model: Customer Relationships

You're looking at how Cipher Mining Inc. (CIFR) manages its most critical external connections, especially as they pivot hard into high-performance computing (HPC) hosting. This isn't just about selling power anymore; it's about securing multi-year, multi-billion dollar commitments from the biggest names in tech.

Dedicated, long-term contractual relationships with hyperscalers.

The core of the new customer relationship strategy is locking in hyperscalers with long-duration contracts. This de-risks the massive capital expenditure required for building out AI infrastructure. You see this clearly in the two landmark deals announced through late 2025.

The first major commitment is a 15-year data center campus lease with Amazon Web Services (AWS), valued at approximately $5.5 billion in contract revenue. Cipher Mining Inc. is committed to delivering 300 MW of turnkey space and power capacity to AWS, with rent scheduled to begin in August 2026.

The second foundational relationship is with Fluidstack, backstopped by Google. This agreement, centered at the Barber Lake site, was expanded. The total value of the Fluidstack lease could approach $9 billion over the entire lease period if optional extensions are exercised, though the initial 10-year term is expected to bring in approximately $830 million in revenue for the full 300 MW capacity.

Overall, these AI hosting contracts represent approximately $9.3 billion in total contracted lease payments, securing a significant portion of future revenue visibility.

Hyperscaler/Partner	Contract Duration	Capacity Committed (MW)	Total Contract Value (Approx.)	Revenue Start/Delivery
Amazon Web Services (AWS)	15-year	300 MW	$5.5 billion	Rent from August 2026
Fluidstack (Google Backstopped)	10-year (Initial)	300 MW (Total Barber Lake)	$830 million (Initial 10-year)	Delivery starts July 2026

Cipher Mining Inc. is also building out its pipeline, which stands at 3.2 GW of site capacity, including a joint venture for the 1-Gigawatt (GW) Colchis site in West Texas, where the company expects to hold ~95% equity.

Direct engagement with institutional investors via investor relations.

Direct engagement is crucial for funding the capital-intensive pivot. You see the results of this engagement in the balance sheet strengthening. As of late 2025, institutional owners held a total of 315,189,547 shares, representing a reported value of $4.01 Billion across 347 filing institutions.

Major institutions are actively involved, with significant positions held by firms like BlackRock, Inc. and Vanguard Group Inc. For instance, BlackRock, Inc. increased its holding by 21.34% to 21,890,510 shares by mid-July 2025.

The company's own insiders maintain a substantial stake, holding 42.18% of the stock, which aligns management interest with external shareholders.

The successful completion of a $1.3 billion convertible note offering directly reflects the market's confidence in the investor relations narrative supporting the HPC strategy.

High-touch sales process for large-scale HPC/AI tenant acquisition.

Securing deals like the AWS and Fluidstack agreements requires a high-touch, bespoke sales approach, given the specific power and cooling requirements of AI workloads. The result of this process is a massive backlog of contracted capacity that needs to be built out.

• The AWS deal requires delivery of 300 MW capacity, with rent starting in August 2026.
• The Fluidstack deal at Barber Lake involves 168 MW of critical IT load, with a target delivery by September 2026.
• The company's self-mining hash rate ended Q3 2025 at approximately 23.6 EH/s.
• The company's fleet efficiency improved to approximately 16.8 J/TH overall.

This process is capital-intensive; total current assets reached $1.4 billion at the end of Q3 2025, largely due to the $1.3 billion convertible financing used to fund these buildouts.

Transparent communication through quarterly earnings calls and webcasts.

Cipher Mining Inc. provides regular updates to keep the market informed on both its legacy Bitcoin mining and its new HPC focus. For example, in Q3 2025, the company reported revenue of $72 million, a 65% increase quarter-over-quarter from $44 million in Q2 2025.

Operational metrics shared include mining 629 Bitcoin in Q3 2025, up from 434 in Q2 2025, at an average price of roughly $114,400 per Bitcoin.

Financially, the company reported Non-GAAP adjusted earnings of $41 million, or $0.10 per diluted share, for Q3 2025.

The company finished the quarter holding approximately 1,500 Bitcoin in treasury.

Finance: draft 13-week cash view by Friday.

Cipher Mining Inc. (CIFR) - Canvas Business Model: Channels

You're looking at how Cipher Mining Inc. gets its value propositions out to its customer segments, which is a mix of hyperscalers, AI cloud platforms, and the Bitcoin market itself. The channel strategy has clearly pivoted, with High-Performance Computing (HPC) hosting deals now dominating the contracted revenue visibility.

Direct sales and executive-level negotiations for large-scale leases

The primary channel for Cipher Mining Inc.'s largest revenue streams is direct, executive-level negotiation for multi-year, large-scale data center capacity leases, primarily for AI workloads. This bypasses typical sales channels to lock in major, long-term commitments with anchor tenants.

As of late 2025, the success of this channel is quantified by the massive contracted revenue backlog:

Customer/Partner	Capacity (MW)	Term (Years)	Minimum Contracted Revenue	Key Feature/Site
Amazon Web Services (AWS)	300 MW (Phased Delivery)	15	Approximately $5.5 billion	Campus Lease, Rent starts August 2026
Fluidstack (Backstopped by Google)	300 MW (Total Barber Lake)	10 (Initial)	Approximately $3.0 billion (Initial Term)	Barber Lake Site, Google backstop of $1.4 billion (initial)
Fluidstack (November 2025 Expansion)	Additional 39 MW (Critical IT Load)	10 (Initial Term)	Approximately $830 million	Increases total Fluidstack commitment to $9.0 billion over 20 years with extensions

The strategic shift is evident in the capacity mix: AI/HPC now represents approximately 67% of operating and contracted gross capacity, versus 33% for Bitcoin mining operations. Furthermore, Cipher is developing a 1 GW "Colchis" site with a Direct Connect Agreement with AEP, targeted for power availability in 2028.

Investor Relations website for financial and operational disclosures

Cipher Mining Inc. uses its dedicated Investor Relations website, https://investors.ciphermining.com/, as a core channel for communicating material, non-public information to public investors and analysts, ensuring compliance with Regulation FD. This is where you find the official documentation that backs up the numbers you're reviewing.

Key uses of this channel include:

• Distribution of official Press Releases, such as the November 20, 2025, announcement of the pricing of $333 million of additional Senior Secured Notes.
• Hosting Investor Presentations and operational updates, like the Q3 2025 Business Update Presentation.
• Archiving webcast replays from industry events for on-demand access.
• Providing an option for investors to sign up for email alerts regarding company information.

The company's cash and cash equivalents reached approximately $1.207 billion in Q3 2025, largely due to a $1.3 billion convertible offering, which is detailed on this site.

Industry conferences and forums for business development and visibility

Executive visibility, particularly through CEO Tyler Page, is managed via participation in select industry and investor conferences. This channel is crucial for business development, especially in securing the next wave of HPC deals and maintaining investor confidence in the evolving strategy.

Cipher Mining Inc. announced participation in several key events in November 2025:

• Cantor Crypto & AI/Energy Infrastructure Conference: Tuesday, November 11th, 2025.
• J.P. Morgan U.S. Opportunities Forum: Wednesday, November 12th - Thursday, November 13th, 2025.
• Clear Street Disruptive Technology Conference: Thursday, November 20th, 2025.

The company ensures these presentations are accessible, posting webcast links on its website and social media platforms ahead of each event.

Direct-to-market for self-mined Bitcoin sales

While the focus has shifted to HPC, Cipher Mining Inc. still uses direct sales of its self-mined Bitcoin as a channel to manage treasury and fund operations. This is a transactional channel based on spot market prices.

Recent operational data provides the context for this channel:

• In September 2025, Cipher sold approximately 158 BTC as part of its regular treasury management.
• Total Bitcoin mined across wholly owned sites in Q3 2025 was 629 BTC, generating $72 million in revenue at an average price of roughly $114,400 per Bitcoin.
• The all-in electricity cost per Bitcoin mined in Q3 2025 was $34,189.

The company ended September 2025 holding a balance of approximately 1,500 BTC in treasury.

Cipher Mining Inc. (CIFR) - Canvas Business Model: Customer Segments

Tier 1 Hyperscalers (e.g., AWS) requiring massive AI/HPC capacity

Cipher Mining Inc. is actively serving Tier 1 hyperscalers, securing long-term, high-value capacity commitments. This segment is a primary focus for future growth, leveraging the company's large power and land pipeline.

• Amazon Web Services (AWS) signed a 15-year lease agreement for 300 MW of capacity.
• The AWS capacity delivery is phased, beginning in July 2026 and completing in Q4 2026, with rent commencing in August 2026.
• The total contracted revenue from the AWS lease is approximately $5.5 billion over the initial 15-year term.
• Cipher's total pipeline of site capacity stood at roughly 2.6 GW as of late 2025.

High-Performance Computing (HPC) and AI companies (e.g., Fluidstack)

This segment involves direct colocation agreements for HPC clusters, often with financial backing from major technology players. The revenue visibility from this segment is substantial.

• Fluidstack, with a backstop from Google, signed a 10-year agreement for 168 MW of critical IT load (up to 244 MW gross capacity) at the Barber Lake site.
• The initial 10-year term for the Fluidstack deal represents approximately $3 billion in contracted revenue, with options to extend to roughly $7 billion over 20 years.
• Google will backstop $1.4 billion of Fluidstack's obligations and receives warrants for approximately 5.4% pro forma equity stake in Cipher Mining Inc.
• HPC hosting revenues accounted for 11% of total revenue in Q2 2025, a significant increase from less than 2% a year prior.

The combined value of the major executed AI/HPC leasing contracts is approximately $9.3 billion spanning between 10 and 15 years.

Customer/Partner	Capacity Delivered (Critical IT Load)	Term Length	Contracted Revenue (Initial Term)	Key Milestone/Support
Amazon Web Services (AWS)	300 MW	15 Years	$5.5 Billion	Rent commences August 2026
Fluidstack (Google-backed)	168 MW	10 Years	$3 Billion	Google backstop of $1.4 Billion

The global Bitcoin network (as a transaction validator)

Cipher Mining Inc. remains a significant participant in securing the global Bitcoin network through its industrial-scale mining operations. This activity generates the base revenue stream.

• As of September 2025, the operating self-mining hashrate was approximately 23.6 EH/s, achieved with around 114,000 deployed mining rigs.
• The fleet efficiency at month-end September 2025 was around 16.8 J/TH.
• In September 2025, Cipher produced approximately 251 BTC, selling 158 BTC and holding 1,500 BTC in Treasury.
• The Q3 2025 all-in electricity cost per BTC was reported at $34,189.
• The Odessa facility operates at 207 MW.

Public equity investors seeking exposure to digital infrastructure and AI growth

The company's listing on NASDAQ makes its equity a vehicle for investors looking for exposure to both digital asset infrastructure and the emerging AI compute sector.

• Cipher Mining Inc. had a market capitalization of $7.36 billion as of late 2025.
• The stock has an average analyst rating of Moderate Buy based on fourteen Buy, one Hold, and one Sell rating from equities research analysts.
• The average price target assigned by analysts was $24.68.
• Total current assets at the end of Q3 2025 were $1.44 billion, driven by net proceeds of $1.3 billion from a convertible offering.

Cipher Mining Inc. (CIFR) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive Cipher Mining Inc.'s operations as they aggressively scale their dual focus on Bitcoin mining and High-Performance Computing (HPC) hosting. The cost structure is heavily weighted toward capital deployment and the ongoing operational cost of power.

Significant Capital Expenditure (CapEx) for Data Center Construction and Expansion

Cipher Mining Inc. has been in a massive CapEx cycle, funding growth through significant debt issuance rather than immediate operational cash flow. This is where the bulk of their future cost base is being established. The company planned to increase its electrical capacity from approximately 327 MW at the start of 2025 to 477 MW by the end of 2025.

The financing for this expansion is substantial. In late September 2025, Cipher issued $1.3 billion in 0.00% Convertible Senior Notes due 2031, upsized from an initial $800 million offering. These proceeds are earmarked for building out the Barber Lake data center and advancing development across their 2.4 GW pipeline. To give you a sense of the per-megawatt cost, the Barber Lake AI hosting expansion averages between $9-11 million per MW. This heavy investment is what drives the large non-cash charges you see below.

Electricity and Power Costs

Electricity is the engine of this business, making power costs the primary variable expense. While direct 2025 variable power cost figures are less frequently reported than fixed costs, the company has worked to stabilize this exposure. As of late 2025, 73% of Cipher Mining's sites are secured with multi-year, fixed-price power purchase agreements for cost stability. For context on their cost efficiency, the average cost to mine one Bitcoin in 2024 was reported at $7,400.

Depreciation and Amortization Expense

Because of the massive influx of new mining rigs and data center build-outs, the non-cash charge for Depreciation and Amortization (D&A) is a major component of the reported GAAP cost structure. For the first quarter of 2025, this expense totaled $43.47 million, aligning closely with the $43.5 million figure you noted. This increase was explicitly linked to the Q4 upgrade at Odessa, which brought online over 36,000 new mining rigs. Looking at the trailing twelve months ending September 2025, the total D&A expense was reported as €185.0 Mil.

Interest Expense on the $1.3 Billion Convertible Notes

This is a key point for understanding the cash cost structure versus the GAAP cost structure. The $1.3 billion Convertible Senior Notes issued in September 2025 carry a 0.00% interest rate. This means that, on a cash basis, the stated interest expense for these notes is $0, which is a huge advantage compared to traditional debt. However, the company did incur a cost for hedging against future dilution, paying approximately $82.7 million for capped call transactions related to this issuance.

General and Administrative (G&A) Costs

Operating as a public company requires overhead, which is captured in G&A. In the first quarter of 2025, G&A expenses rose by approximately $3,000,000 year-over-year, primarily due to higher professional fees and costs associated with Sarbanes Oxley compliance.

Here's a quick view of some of these key cost components based on recent reporting:

Cost Component	Latest Reported Value	Period/Date
Depreciation and Amortization (D&A)	$43.47 million	Q1 2025
D&A (TTM)	€185.0 Mil	TTM ended Sep. 2025
Interest Expense on $1.3B Notes	$0	Stated 0.00% Coupon
Capped Call Transaction Cost (Non-Interest)	$82.7 million	Sept. 2025 Issuance
Year-over-Year G&A Increase	$3,000,000	Q1 2025
Average Bitcoin Mining Cost	$7,400 per BTC	2024

The company is clearly managing its cash interest expense down to zero on its largest recent financing, but the resulting D&A is significant, reflecting the massive asset base being deployed. Finance: draft 13-week cash view by Friday.

Cipher Mining Inc. (CIFR) - Canvas Business Model: Revenue Streams

You're looking at how Cipher Mining Inc. (CIFR) is structuring its income streams as it pivots hard into the high-performance computing (HPC) hosting space, moving beyond just mining Bitcoin. This shift is about locking in long-term, predictable revenue, which is a big deal for stability.

Bitcoin self-mining revenue remains a component, though its relative importance is shrinking compared to the new AI/HPC contracts. For the third quarter of 2025, Cipher Mining Inc. reported revenue of $72 million. This was up 65% quarter-over-quarter, driven by increased operational capacity and a higher average Bitcoin price during that period.

The most significant change comes from contracted lease payments from AI/HPC data center tenants. Cipher Mining Inc. has executed major, long-term agreements that provide a substantial revenue backlog. The company's AI hosting contracts now represent approximately $8.5 billion in total lease payments. The key components driving this are:

Tenant/Project	Term Length	Contracted Revenue (Approximate)	Capacity	Rent Start Date
Amazon Web Services (AWS) Lease	15-Year	$5.5 billion	300 MW (delivered in phases)	August 2026
Fluidstack and Google Agreement (Barber Lake)	10-Year (with options to 20 years)	$3.0 billion (minimum) / up to $7.0 billion (with options)	168 critical IT MW	Construction underway

The AWS capacity delivery is expected to begin in July 2026, with rent commencing in August 2026. Honestly, these long-duration contracts are what de-risk the business model significantly.

Potential revenue from power curtailment and grid services is an important secondary stream that helps manage power costs and generate ancillary income, especially during peak demand. Cipher Mining Inc. has a history of aggressively managing power usage as part of a 4CP avoidance strategy to limit grid charges. While a specific Q3 2025 curtailment revenue figure isn't detailed in the same way as the mining revenue, industry context shows the value of this flexibility. For instance, June power sales estimates were equivalent to approximately ~5 bitcoin based on the month-end price. Furthermore, in the broader industry context, a 50 MW mining facility could earn up to $400,000 in compensation during a four-hour curtailment event.

Looking further out, future revenue from the 1-GW Colchis joint venture development represents the next major capacity expansion. Cipher Mining Inc. secured approximately 95% Equity Ownership in the joint entity developing the Colchis site in West Texas. This project has a fully executed 1-GW Direct Connect Agreement with American Electric Power (AEP), with targeted energization in 2028. The revenue from this massive site will materialize once the future HPC lease is executed, but the current structure locks in the majority of the upside for Cipher Mining Inc. for when that power comes online.

• The company's total pipeline of site capacity, including Colchis, stands at 3.2 GW.
• Cipher Mining Inc. successfully completed a $1.3 billion convertible note offering to help fund these strategic pivots.
• The strategic shift means AI/HPC now represents 67% of operating and contracted gross capacity, versus 33% for Bitcoin mining operations as of Q3 2025.

Finance: draft 13-week cash view by Friday.