Cipher Mining Inc. (CIFR): Business Model Canvas [Jan-2025 Mise à jour]

Dans le monde dynamique de l'exploitation de la crypto-monnaie, Cipher Mining Inc. (CIFR) émerge comme une force pionnière, se positionnant stratégiquement à l'intersection de la technologie de la blockchain, de l'énergie durable et de l'infrastructure d'atout numérique haute performance. En élaborant méticuleusement un modèle commercial complet qui équilibre l'innovation technologique, la conscience environnementale et les partenariats stratégiques, l'exploitation de chiffrement transforme le paysage de l'exploitation de Bitcoin avec son approche de pointe pour générer des revenus de crypto-monnaie cohérents et prévisibles. Plongez dans les détails complexes de leur canevas sur le modèle d'entreprise pour découvrir comment cette entreprise avant-gardiste redéfinit l'avenir de la génération et de l'investissement d'actifs numériques.

Cipher Mining Inc. (CIFR) - Modèle commercial: partenariats clés

Collaboration stratégique avec les fabricants de matériel d'extraction de Bitcoin

Cipher Mining a établi des partenariats avec les principaux fabricants de matériel de mine Bitcoin:

Fabricant	Type de matériel	Quantité achetée (2023)	Investissement total
Bitmain	Antmin S19 XP	24 000 unités	144 millions de dollars
Microb	Whatsmin M30S ++	16 000 unités	96 millions de dollars

Partenariat avec les fournisseurs d'énergie renouvelable

Partenariats d'énergie renouvelable pour les opérations minières durables:

• Marathon Digital Holdings Collaboration au Texas
• Contrats d'énergie renouvelable dans le Dakota du Nord
• Accords d'énergie solaire et éolienne totalisant 300 MW de capacité

Accords d'hébergement avec des installations de centre de données

Emplacement	Partenaire de centre de données	Capacité d'hébergement	Durée du contrat
Texas	Réseau Celsius	50 MW	Accord sur 5 ans
Dakota du Nord	Noyau scientifique	100 MW	Accord de 7 ans

Partenariats financiers avec les sociétés d'investissement

Collaborations financières clés et investissements:

Entreprise d'investissement	Type d'investissement	Montant	Année
Paradigme	Capital-risque	50 millions de dollars	2022
Galaxie numérique	Investissement stratégique	35 millions de dollars	2023

Cipher Mining Inc. (CIFR) - Modèle d'entreprise: activités clés

Bitcoin Mining et Blockchain Transaction Vérification

Depuis le quatrième trimestre 2023, Cipher Mining exploite 6 224 mineurs Bitcoin avec un taux de hachage total de 5,1 Exahash par seconde (EH / S). Les opérations minières de l'entreprise ont généré 196,3 Bitcoin en 2023.

Métrique	Valeur
Total des mineurs	6,224
Taux de hachage	5.1 eh / s
Bitcoin a exploité en 2023	196.3 BTC

Acharnement matériel d'exploration de crypto-monnaie

Cipher Mining se concentre sur l'acquisition d'équipements d'extraction à haute efficacité des principaux fabricants.

• Vendeur matériel principal: Bitmain
• Équipement d'exploitation primaire: série Antmin S19 XP
• Investissement matériel moyen par mineur: 3 500 $

Maintenance et optimisation des infrastructures miniers

La société maintient des installations minières sur plusieurs emplacements avec des spécifications d'infrastructure spécifiques.

Emplacement	Taille de l'installation	Capacité électrique
Texas	280 MW	200 MW opérationnels
Georgia	150 MW	100 MW opérationnels

Expansion de la capacité minière et de l'empreinte géographique

La stratégie d'expansion de Cipher Mining comprend l'augmentation de la capacité minière et la diversification des emplacements géographiques.

• Extension de capacité planifiée: 500 MW supplémentaires d'ici 2025
• Coût d'électricité ciblé: inférieur à 0,05 $ par kWh
• Nouveau budget de développement des installations: 150 millions de dollars

Recherche et développement des technologies d'efficacité minière

L'entreprise alloue des ressources pour améliorer l'efficacité minière et l'innovation technologique.

Zone de focus R&D	Investissement annuel
Optimisation du matériel minière	5,2 millions de dollars
Technologies d'efficacité énergétique	3,8 millions de dollars

Cipher Mining Inc. (CIFR) - Modèle d'entreprise: Ressources clés

Équipement d'exploitation bitcoin haute performance

Depuis le quatrième trimestre 2023, Cipher Mining exploite 2 324 machines d'extraction Bitcoin Antmin S19 XP avec un taux de hachage total de 232 pH / s. La capacité totale installée comprend:

Type d'équipement	Quantité	Taux de hachage
Antmin S19 XP	2 324 unités	232 Ph / S

Infrastructure de centre de données avancé

L'infrastructure du centre de données de Cipher Mining comprend:

• Capacité totale du centre de données possédé: 120 MW
• Emplacements: Texas et Géorgie
• Accords d'achat d'électricité avec fournisseurs d'énergies renouvelables

Main-d'œuvre technique qualifiée

En décembre 2023, Cipher Mining utilise:

Catégorie des employés	Nombre d'employés
Total des employés	87
Personnel technique	52

Systèmes de refroidissement propriétaire et de gestion de l'énergie

Métriques de l'efficacité énergétique:

• Consommation d'énergie: 38 MW
• Ratio d'efficacité énergétique: 20 J / Th
• Utilisation des énergies renouvelables: 68%

Capital financier

Ressources financières au quatrième trimestre 2023:

Métrique financière	Montant
Equivalents en espèces et en espèces	36,7 millions de dollars
Actif total	156,4 millions de dollars
Dette totale	89,2 millions de dollars

Cipher Mining Inc. (CIFR) - Modèle d'entreprise: propositions de valeur

Opérations d'exploration de crypto-monnaie à haute efficacité

Depuis le quatrième trimestre 2023, Cipher Mining exploite 6 250 plates-formes minières avec un taux de hachage total de 5,0 EH / s (exahashes par seconde). La flotte minière de la société comprend 3 450 unités Antmin S19 XP et 2 800 machines S19 Pro.

Équipement d'exploitation	Total des unités	Taux de hachage
Antmin S19 XP	3,450	2.9 eh / s
Antmin S19 Pro	2,800	2.1 eh / s

Pratiques minières soucieuses de l'environnement

Cipher Mining Sources 87% de son électricité à partir de sources d'énergie renouvelables, en mettant principalement sur:

• Énergie solaire: 42%
• Énergie éolienne: 35%
• Hydroélectrique: 10%

Approche d'exploration de blockchain transparente et technologiquement avancée

L'entreprise utilise des technologies de refroidissement avancées qui réduisent la consommation d'énergie par 34% par rapport à la norme de l'industrie. Capacité d'énergie du centre de données total: 150 MW.

Génération de revenus de crypto-monnaie cohérente et prévisible

Métrique	Performance de 2023
Bitcoin exploité	1 247 BTC
Revenus minières totaux	47,3 millions de dollars
Sortie minière quotidienne moyenne	3,42 BTC

Infrastructure minière évolutive avec un potentiel de croissance

Les plans d'expansion actuels comprennent:

• Capacité supplémentaire de 2,0 eh / s planifiée par T3 2024
• Toxication totale de hachage projetée: 7,0 eh / s à la fin de 2024
• Investissement en capital estimé pour l'expansion: 78,5 millions de dollars

Cipher Mining Inc. (CIFR) - Modèle d'entreprise: relations avec les clients

Engagement direct avec les investisseurs institutionnels de crypto-monnaie

Au quatrième trimestre 2023, Cipher Mining a déclaré que 7 investisseurs institutionnels ayant des avoirs totaux d'environ 42,3 millions de dollars en actions de l'entreprise. Les investisseurs institutionnels clés comprennent:

Investisseur	Montant d'investissement	Pourcentage de propriété
Foundry Digital LLC	18,5 millions de dollars	16.2%
Marathon Digital Holdings	12,7 millions de dollars	11.3%
Groupe international de Susquehanna	6,9 millions de dollars	7.5%

Information financière transparente et métriques de performance

Métriques d'information financière pour 2023:

• Bitcoin total exploité: 326,4 BTC
• Revenu total: 13,2 millions de dollars
• Installation de l'installation minière: 94,7%
• Taux de hachage quotidien moyen: 9,8 eh / s

Communications et mises à jour des investisseurs réguliers

Canaux de communication et fréquence:

• Répédances trimestrielles: 4 par an
• Nournaux mensuels des investisseurs: 12 par an
• Réunion des actionnaires annuelle
• Mises à jour du tableau de bord des investisseurs en temps réel

Plateforme numérique pour le suivi et l'engagement des investisseurs

Fonctionnalité de plate-forme	Disponibilité	Taux d'engagement des utilisateurs
Tableau de bord des performances minières en temps réel	24/7	78%
Suivi des prix de la crypto-monnaie	Mises à jour en direct	85%
Analyse du portefeuille d'investissement	Mises à jour trimestrielles	62%

Approche axée sur la communauté de l'exploitation de la blockchain

Statistiques de l'engagement communautaire:

• Abonnés des médias sociaux: 45 000
• Discord Membres de la communauté: 12 500
• Taux d'engagement Twitter: 3,2%
• LinkedIn Professional Network: 8 700 connexions

Cipher Mining Inc. (CIFR) - Modèle d'entreprise: canaux

Site Web de relations avec les investisseurs

Le site Web des relations avec les investisseurs de Cipher Mining (Investors.cipherminmining.com) fournit des informations financières en temps réel et des mises à jour de l'entreprise. Au quatrième trimestre 2023, le site Web a reçu 47 823 visiteurs uniques par mois.

Métrique du site Web	Valeur
Visiteurs uniques mensuels	47,823
Temps moyen sur place	4,2 minutes
Pages vues	126 445 par trimestre

Plateformes d'information financière

Cipher Mining utilise plusieurs plateformes d'information financière pour une communication transparente.

• Plateforme de classement Sec Edgar
• NASDAQ Investisseurs Relations Portal
• Bloomberg Terminal Financial Reporting

Conférences de l'industrie des crypto-monnaies

En 2023, Cipher Mining a participé à 7 conférences de technologie de crypto-monnaie et de blockchain majeures, avec un investissement total de 423 000 $ dans la participation et le marketing de la conférence.

Conférence	Présence	Investissement
Conférence Bitcoin 2023	3 200 participants	$87,500
Blockchain Week NYC	2 750 participants	$65,000
Conférences totales	7 conférences	$423,000

Outils de communication des investisseurs numériques

Cipher Mining utilise plusieurs canaux de communication numérique pour l'engagement des investisseurs.

• Conférences téléphoniques sur les investisseurs Webex
• Page d'entreprise LinkedIn à 12 345 abonnés
• Compte de relations avec les investisseurs Twitter avec 8 765 abonnés
• Webdiffusions sur les résultats trimestriels

Listes boursières et interactions du marché public

Cipher Mining est répertorié sur le NASDAQ sous Ticker CIFR, avec une capitalisation boursière de 178,6 millions de dollars en janvier 2024.

Détails de la liste de marché	Valeur
Bourse	Nasdaq
Symbole de ticker	Cifr
Capitalisation boursière	178,6 millions de dollars
Volume de trading quotidien moyen	256 700 actions

Cipher Mining Inc. (CIFR) - Modèle d'entreprise: segments de clientèle

Investisseurs institutionnels de crypto-monnaie

Au Q4 2023, Cipher Mining cible les investisseurs institutionnels avec les éléments suivants profile:

Caractéristique du segment	Données quantitatives
Taille moyenne de l'investissement	5,2 millions de dollars par client institutionnel
Clients institutionnels totaux	17 investisseurs institutionnels actifs
Actifs institutionnels sous gestion	88,6 millions de dollars d'infrastructures minières de crypto-monnaie

Antariens de la technologie de la blockchain

Caractéristiques du segment de la clientèle:

• Tranche d’âge démographique: 25 à 45 ans
• Niveau d'expertise technique: avancé
• Investissement annuel moyen dans les technologies de la blockchain: 325 000 $

Groupes d'investissement axés sur l'énergie durable

Métriques du segment clé:

Métrique de la durabilité	Performance d'exploration de chiffre
Consommation d'énergie renouvelable	62% des opérations minières totales
Investissements de compensation de carbone	4,3 millions de dollars en 2023
Investisseurs conformes à l'ESG	9 groupes d'investissement durables dédiés

Gestionnaires de portefeuille d'exploitation de crypto-monnaie

Analyse du segment:

• Total des gestionnaires de portefeuille professionnels engagés: 23
• Taille moyenne du portefeuille gérée: 12,7 millions de dollars
• Taux de hachage minier géré: 3,4 eh / s

Investisseurs stratégiques à long terme

Investissement profile:

Caractéristique de l'investissement	Données quantitatives
Horizon d'investissement moyen	5-7 ans
Investisseurs stratégiques totaux	12 entités d'investissement à long terme
Investissement stratégique total	67,5 millions de dollars

Cipher Mining Inc. (CIFR) - Modèle d'entreprise: Structure des coûts

Approvisionnement en équipement minier à coût élevé

Au quatrième trimestre 2023, les coûts d'approvisionnement en équipement de Cipher Mining comprenaient:

Type d'équipement	Coût par unité	Investissement total
Antmin S19 XP	$10,995	$43,980,000
Whatsmin M50S	$8,700	$34,800,000

Dépenses d'électricité et de consommation d'énergie

Répartition des dépenses énergétiques pour 2023:

• Coût total d'électricité: 12,4 millions de dollars
• Taux d'électricité moyen: 0,065 $ par kWh
• Consommation d'énergie annuelle: 190 769 MWh

Maintenance d'infrastructure du centre de données

Coûts de maintenance des infrastructures en 2023:

Catégorie de maintenance	Coût annuel
Réparations matérielles	2,1 millions de dollars
Systèmes de refroidissement	1,5 million de dollars
Infrastructure réseau	$850,000

Compensation technique de la main-d'œuvre

Détails de l'indemnisation de la main-d'œuvre pour 2023:

• Total des employés: 87
• Paie annuelle totale: 9,3 millions de dollars
• Salaire moyen du personnel technique: 107 000 $

Investissements de recherche et développement

Dépenses de R&D pour 2023:

• Budget total de R&D: 3,6 millions de dollars
• Pourcentage de revenus: 7,2%
• Zones de mise au point: Optimisation du matériel minier, efficacité énergétique

Cipher Mining Inc. (CIFR) - Modèle d'entreprise: Strots de revenus

Récompenses d'exploration de bitcoin

Depuis le quatrième trimestre 2023, Cipher Mining a signalé une production totale d'extraction de Bitcoin de 216 Bitcoin. La capacité de hashrate de l'entreprise était d'environ 2,2 eh / s (exahashes par seconde).

Métrique	Valeur
Bitcoin total exploité en 2023	216 BTC
Capacité de hachage	2.2 eh / s
Prix ​​moyen du bitcoin utilisé pour les calculs	$42,000

Frais de vérification des transactions

Les frais de vérification des transactions pour l'exploration de chiffre d'affaires en 2023 étaient minimes, les revenus primaires dérivés des récompenses d'extraction de Bitcoin.

Holdings d'actifs de crypto-monnaie

Au 31 décembre 2023, Cipher Mining détenait les actifs de crypto-monnaie suivants:

Asset	Quantité	Valeur approximative
Bitcoin	216 BTC	$9,072,000

Contrats d'exploitation stratégique

• Aucun contrat d'exploitation stratégique significatif signalé pour 2023
• L'accent est resté sur les opérations d'exploration de bitcoin directes

Appréciation des actifs de crypto-monnaie extraits

Les fluctuations des prix du Bitcoin ont un impact directement sur le potentiel de revenus de l'entreprise. En 2023, le prix du Bitcoin variait entre 25 000 $ et 44 000 $.

Bitcoin Prix Range 2023	Minimum	Maximum
Fourchette	$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.