Cipher Mining Inc. (CIFR): Modelo de Negocio Canvas [Actualizado en Ene-2025]

En el mundo dinámico de la minería de criptomonedas, Cipher Mining Inc. (CIFR) emerge como una fuerza pionera, posicionándose estratégicamente en la intersección de la tecnología blockchain, energía sostenible e infraestructura de activos digitales de alto rendimiento. Al crear meticulosamente un modelo de negocio integral que equilibra la innovación tecnológica, la conciencia ambiental y las asociaciones estratégicas, la minería de cifrado está transformando el panorama de la minería de bitcoin con su enfoque de vanguardia para generar ingresos de criptomonedas consistentes y predecibles. Sumérgete en los intrincados detalles de su lienzo de modelo de negocio para descubrir cómo esta empresa con visión de futuro está redefiniendo el futuro de la generación y la inversión de activos digitales.

Cipher Mining Inc. (CIFR) - Modelo de negocio: asociaciones clave

Colaboración estratégica con fabricantes de hardware de minería de bitcoins

CIPHER Mining ha establecido asociaciones con fabricantes de hardware de minería de bitcoin líderes:

Fabricante	Tipo de hardware	Cantidad adquirida (2023)	Inversión total
Bitmain	Antminer S19 XP	24,000 unidades	$ 144 millones
Microbt	WhatsMiner M30S ++	16,000 unidades	$ 96 millones

Asociación con proveedores de energía renovable

Asociaciones de energía renovable para operaciones mineras sostenibles:

• Marathon Digital Holdings Collaboration en Texas
• Contratos de energía renovable en Dakota del Norte
• Acuerdos de energía solar y eólica por un total de 300 MW de capacidad

Alojamiento de acuerdos con instalaciones de centros de datos

Ubicación	Socio de centro de datos	Capacidad de alojamiento	Duración del contrato
Texas	Red Celsius	50 MW	Acuerdo a 5 años
Dakota del Norte	Científico de núcleo	100 MW	Acuerdo de 7 años

Asociaciones financieras con empresas de inversión

Colaboraciones e inversiones financieras clave:

Firma de inversión	Tipo de inversión	Cantidad	Año
Paradigma	Capital de riesgo	$ 50 millones	2022
Galaxy Digital	Inversión estratégica	$ 35 millones	2023

Cipher Mining Inc. (CIFR) - Modelo de negocio: actividades clave

Bitcoin Mining y verificación de transacciones blockchain

A partir del cuarto trimestre de 2023, la minería de cifrado opera 6,224 mineros de bitcoin con una tasa de hash total de 5.1 Exahash por segundo (EH/S). Las operaciones mineras de la compañía generaron 196.3 Bitcoin en 2023.

Métrico	Valor
Total de mineros	6,224
Tasa de hash	5.1 Eh/S
Bitcoin extraído en 2023	196.3 BTC

Adquisición de hardware de minería de criptomonedas

La minería de cifrado se centra en adquirir equipos de minería de alta eficiencia de los principales fabricantes.

• Proveedor de hardware primario: bitmain
• Equipo de minería primaria: serie Antminer S19 XP
• Inversión promedio de hardware por minero: $ 3,500

Mantenimiento y optimización de la infraestructura minera

La compañía mantiene instalaciones mineras en múltiples ubicaciones con especificaciones de infraestructura específicas.

Ubicación	Tamaño de la instalación	Capacidad de potencia
Texas	280 MW	200 MW operativo
Georgia	150 MW	100 MW operativo

Expansión de la capacidad minera y la huella geográfica

La estrategia de expansión de Cipher Mining incluye el aumento de la capacidad minera y la diversificación de ubicaciones geográficas.

• Expansión de capacidad planificada: 500 MW adicionales para 2025
• Costo de electricidad dirigida: por debajo de $ 0.05 por kWh
• Nuevo presupuesto de desarrollo de la instalación: $ 150 millones

Investigación y desarrollo de tecnologías de eficiencia minera

La compañía asigna recursos para mejorar la eficiencia minera y la innovación tecnológica.

Área de enfoque de I + D	Inversión anual
Optimización de hardware de minería	$ 5.2 millones
Tecnologías de eficiencia energética	$ 3.8 millones

Cipher Mining Inc. (CIFR) - Modelo de negocio: recursos clave

Equipo de minería Bitcoin de alto rendimiento

A partir del cuarto trimestre de 2023, la minería de cifrado opera 2,324 máquinas mineras de bitcoins Antminer S19 XP con una tasa de hash total de 232 ph/s. La capacidad total instalada incluye:

Tipo de equipo	Cantidad	Tasa de hash
Antminer S19 XP	2,324 unidades	232 ph/s

Infraestructura avanzada del centro de datos

La infraestructura del centro de datos de Cipher Mining incluye:

• Capacidad total del centro de datos propiedad: 120 MW
• Ubicaciones: Texas y Georgia
• Acuerdos de compra de energía con proveedores de energía renovable

Fuerza laboral técnica calificada

A diciembre de 2023, CiPher Mining emplea:

Categoría de empleado	Número de empleados
Total de empleados	87
Personal técnico	52

Sistemas de gestión de energía y enfriamiento patentado

Métricas de eficiencia energética:

• Consumo de energía: 38 MW
• Relación de eficiencia energética: 20 j/th
• Utilización de energía renovable: 68%

Capital financiero

Recursos financieros a partir del cuarto trimestre 2023:

Métrica financiera	Cantidad
Equivalentes de efectivo y efectivo	$ 36.7 millones
Activos totales	$ 156.4 millones
Deuda total	$ 89.2 millones

Cipher Mining Inc. (CIFR) - Modelo de negocio: propuestas de valor

Operaciones mineras de criptomonedas de alta eficiencia

A partir del cuarto trimestre de 2023, la minería de cifrado opera 6.250 plataformas mineras con una tasa de hash total de 5.0 eh/s (exahashes por segundo). La flota minera de la compañía incluye 3.450 unidades Antminer S19 XP y 2.800 máquinas S19 Pro.

Equipo minero	Unidades totales	Tasa de hash
Antminer S19 XP	3,450	2.9 eh/s
Antminer S19 Pro	2,800	2.1 eh/s

Prácticas mineras con consciente ambiental

Fuentes mineras de cifrado El 87% de su electricidad de fuentes de energía renovable, con enfoque principal en:

• Energía solar: 42%
• Energía eólica: 35%
• Hidroeléctrico: 10%

Enfoque de minería blockchain transparente y tecnológicamente avanzado

La compañía utiliza tecnologías de enfriamiento avanzadas que reducen el consumo de energía por 34% en comparación con el estándar de la industria. Capacidad total de potencia del centro de datos: 150 MW.

Generación de ingresos de criptomonedas consistentes y predecibles

Métrico	2023 rendimiento
Bitcoin minado	1.247 BTC
Ingresos mineros totales	$ 47.3 millones
Salida de minería diaria promedio	3.42 BTC

Infraestructura minera escalable con potencial de crecimiento

Los planes de expansión actuales incluyen:

• Capacidad adicional de 2.0 EH/S planificada antes del tercer trimestre 2024
• Tasa de hash proyectado total: 7.0 eh/s para finales de 2024
• Inversión de capital estimada para la expansión: $ 78.5 millones

Cipher Mining Inc. (CIFR) - Modelo comercial: relaciones con los clientes

Compromiso directo con inversores de criptomonedas institucionales

A partir del cuarto trimestre de 2023, CiPher Mining reportó 7 inversores institucionales con tenencias totales de aproximadamente $ 42.3 millones en acciones de la compañía. Los inversores institucionales clave incluyen:

Inversor	Monto de la inversión	Porcentaje de propiedad
Foundry Digital LLC	$ 18.5 millones	16.2%
Maratón Digital Holdings	$ 12.7 millones	11.3%
Grupo internacional de Susquehanna	$ 6.9 millones	7.5%

Información financiera transparente y métricas de desempeño

Métricas de informes financieros para 2023:

• Bitcoin total minado: 326.4 BTC
• Ingresos totales: $ 13.2 millones
• Tiempo de actividad de la instalación minera: 94.7%
• Tasa de hash diario promedio: 9.8 eh/s

Comunicaciones y actualizaciones regulares de los inversores

Canales de comunicación y frecuencia:

• Llamadas de ganancias trimestrales: 4 por año
• Boletines mensuales de inversores: 12 por año
• Reunión anual de accionistas
• Actualizaciones del tablero de inversores en tiempo real

Plataforma digital para el seguimiento y el compromiso de los inversores

Característica de la plataforma	Disponibilidad	Tasa de participación del usuario
Panel de rendimiento minero en tiempo real	24/7	78%
Seguimiento de precios de criptomonedas	Actualizaciones en vivo	85%
Análisis de cartera de inversiones	Actualizaciones trimestrales	62%

Enfoque impulsado por la comunidad para la minería de blockchain

Estadísticas de participación de la comunidad:

• Seguidores de redes sociales: 45,000
• MIEMBROS DE LA COMUNIDAD DE DISCORD: 12,500
• Tasa de compromiso de Twitter: 3.2%
• Red de LinkedIn Professional: 8.700 conexiones

Cipher Mining Inc. (CIFR) - Modelo de negocio: canales

Sitio web de relaciones con los inversores

El sitio web de relaciones con inversores de Cipher Mining (inversors.ciphermining.com) proporciona información financiera en tiempo real y actualizaciones corporativas. A partir del cuarto trimestre de 2023, el sitio web recibió 47,823 visitantes únicos por mes.

Métrico del sitio web	Valor
Visitantes únicos mensuales	47,823
Tiempo promedio en el sitio	4.2 minutos
Vistas de la página	126,445 por trimestre

Plataformas de informes financieros

Cipher Mining utiliza múltiples plataformas de informes financieros para la comunicación transparente.

• Plataforma de archivos de Sec Edgar
• Portal de relaciones con inversores NASDAQ
• Informes financieros de Bloomberg Terminal

Conferencias de la industria de criptomonedas

En 2023, la minería de cifrado participó en 7 principales conferencias de tecnología de criptomonedas y blockchain, con una inversión total de $ 423,000 en participación y marketing de conferencias.

Conferencia	Asistencia	Inversión
Conferencia Bitcoin 2023	3,200 asistentes	$87,500
Blockchain Week NYC	2.750 asistentes	$65,000
Conferencias totales	7 conferencias	$423,000

Herramientas de comunicación de inversores digitales

Cipher Mining emplea múltiples canales de comunicación digital para la participación de los inversores.

• Llamadas a la conferencia de inversores webex
• Página corporativa de LinkedIn con 12.345 seguidores
• Cuenta de relaciones con los inversores de Twitter con 8.765 seguidores
• Transmisiones web trimestrales de ganancias

Listados del mercado de valores e interacciones en el mercado público

La minería de cifrado figura en el NASDAQ bajo Ticker CIFR, con una capitalización de mercado de $ 178.6 millones a partir de enero de 2024.

Detalles del listado del mercado	Valor
Bolsa	Nasdaq
Símbolo de ticker	CIFR
Capitalización de mercado	$ 178.6 millones
Volumen comercial diario promedio	256,700 acciones

Cipher Mining Inc. (CIFR) - Modelo de negocio: segmentos de clientes

Inversores de criptomonedas institucionales

A partir del cuarto trimestre de 2023, la minería de cifrado se dirige a inversores institucionales con los siguientes profile:

Característica de segmento	Datos cuantitativos
Tamaño de inversión promedio	$ 5.2 millones por cliente institucional
Total de clientes institucionales	17 inversores institucionales activos
Activos institucionales bajo administración	$ 88.6 millones en infraestructura minera de criptomonedas

Entusiastas de la tecnología blockchain

Características del segmento de clientes:

• Rango de edad demográfica: 25-45 años
• Nivel de experiencia técnica: avanzado
• Inversión anual promedio en tecnologías blockchain: $ 325,000

Grupos de inversión sostenibles centrados en la energía

Métricas de segmento clave:

Métrica de sostenibilidad	Rendimiento minero de cifrado
Uso de energía renovable	62% de las operaciones mineras totales
Inversiones compensadas de carbono	$ 4.3 millones en 2023
Inversores compatibles con ESG	9 grupos dedicados de inversión sostenible

Gerentes de cartera de minería de criptomonedas

Análisis de segmento:

• Gerentes de cartera profesionales totales comprometidos: 23
• Tamaño promedio de la cartera gestionado: $ 12.7 millones
• Tasa de hash de minería administrada: 3.4 eh/s

Inversores estratégicos a largo plazo

Inversión profile:

Característica de inversión	Datos cuantitativos
Horizonte de inversión promedio	5-7 años
Inversores estratégicos totales	12 entidades de inversión a largo plazo
Inversión estratégica total	$ 67.5 millones

Cipher Mining Inc. (CIFR) - Modelo de negocio: Estructura de costos

Adquisición de equipos mineros de alto costo

A partir del cuarto trimestre de 2023, los costos de adquisición de equipos de la minería de cifrado incluyeron:

Tipo de equipo	Costo por unidad	Inversión total
Antminer S19 XP	$10,995	$43,980,000
Whatsminer m50s	$8,700	$34,800,000

Gastos de consumo de electricidad y energía

Desglose de gastos de energía para 2023:

• Costos totales de electricidad: $ 12.4 millones
• Tasa de electricidad promedio: $ 0.065 por kWh
• Consumo anual de energía: 190,769 MWH

Mantenimiento de la infraestructura del centro de datos

Costos de mantenimiento de infraestructura en 2023:

Categoría de mantenimiento	Costo anual
Reparaciones de hardware	$ 2.1 millones
Sistemas de enfriamiento	$ 1.5 millones
Infraestructura de red	$850,000

Compensación de la fuerza laboral técnica

Detalles de compensación de la fuerza laboral para 2023:

• Total de empleados: 87
• Nómina anual total: $ 9.3 millones
• Salario promedio del personal técnico: $ 107,000

Inversiones de investigación y desarrollo

Gastos de I + D para 2023:

• Presupuesto total de I + D: $ 3.6 millones
• Porcentaje de ingresos: 7.2%
• Áreas de enfoque: Optimización de hardware de minería, eficiencia energética

Cipher Mining Inc. (CIFR) - Modelo de negocio: flujos de ingresos

Recompensas de minería de bitcoin

A partir del cuarto trimestre de 2023, la minería de cifrado reportó una producción total de minería de bitcoin de 216 bitcoin. La capacidad del hashrate de la compañía era de aproximadamente 2.2 Eh/s (exahashes por segundo).

Métrico	Valor
Bitcoin total extraído en 2023	216 BTC
Capacidad de hashrate	2.2 eh/s
Precio promedio de bitcoin utilizado para los cálculos	$42,000

Tarifas de verificación de transacciones

Las tarifas de verificación de transacciones para la minería de cifrado en 2023 fueron mínimos, con ingresos primarios derivados de las recompensas de minería de bitcoins.

Tenencias de activos de criptomonedas

Al 31 de diciembre de 2023, CiPher Mining tenía los siguientes activos de criptomonedas:

Asset	Cantidad	Valor aproximado
Bitcoin	216 BTC	$9,072,000

Contratos de minería estratégica

• No se informaron contratos mineros estratégicos significativos para 2023
• El enfoque permaneció en las operaciones directas de minería de Bitcoin

Apreciación de los activos de criptomonedas extraídas

Las fluctuaciones de precios de Bitcoin afectan directamente el potencial de ingresos de la compañía. En 2023, Bitcoin Price varió entre $ 25,000 y $ 44,000.

Rango de precios de Bitcoin 2023	Mínimo	Máximo
Gama de precios	$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.