Cipher Mining Inc. (CIFR): Business Model Canvas [Dec-2025 Updated]

You're digging into Cipher Mining Inc. right now, and what you're seeing is a company making one of the biggest strategic pivots in the digital infrastructure space: moving from a pure-play Bitcoin miner to a major AI/HPC data center developer. Frankly, the numbers on the new focus are staggering; we're talking about a $\mathbf{\$5.5}$ billion, 15-year lease commitment with Amazon Web Services and another $\mathbf{\$3.8}$ billion hosting agreement, all while they still pulled in $\mathbf{629}$ BTC during Q3 2025. To understand how this dual-engine model-anchored by a $\mathbf{3.2}$ gigawatt development pipeline-actually works from a revenue and cost perspective, you need to see the full breakdown of their Business Model Canvas below.

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

You're looking at the core relationships Cipher Mining Inc. (CIFR) has locked in to power its aggressive pivot from digital asset mining to high-performance computing (HPC) and AI infrastructure leasing. These aren't small handshake deals; these are multi-billion dollar, decade-plus commitments that define the company's near-term revenue visibility.

The Key Partnerships block of the Business Model Canvas for Cipher Mining Inc. is heavily weighted toward securing massive, long-term capacity commitments from major technology and energy players. This strategy is designed to de-risk the capital-intensive buildout of their data center portfolio, particularly the new Colchis campus.

Here's a quick look at the scale of the infrastructure and financing agreements that underpin the current strategy:

The sheer size of these contracts provides substantial revenue visibility, which analysts noted following the Q3 2025 results. For context, Cipher Mining reported Q3 2025 revenue of $72 million and Non-GAAP adjusted earnings of $41 million. The AI hosting contracts now represent approximately $8.5 billion in total lease payments.

Diving deeper into the specifics of these critical relationships shows how Cipher is structuring its growth:

• The Amazon Web Services lease covers the provision of 300 megawatts of AI processing capacity, with rent payments scheduled to begin in August 2026.
• The Fluidstack/Google deal involves delivering 168 MW of critical IT load at the Barber Lake site, with the potential to expand to 244 MW gross capacity.
• Google's involvement includes backstopping $1.4 billion of Fluidstack's obligations under the initial agreement, in exchange for warrants representing about a 5.4% equity stake in Cipher Mining.
• The Colchis joint venture, where Cipher holds approximately 95% equity, is a 620-acre site in West Texas.
• The ENGIE North America agreement is designed to leverage wind project generation to power a co-located data center, helping with transmission congestion in West Texas.

These partnerships are defintely the engine for Cipher Mining Inc.'s transformation, moving capital deployment toward guaranteed, long-term cash flows from HPC tenants rather than solely relying on variable digital asset mining revenue.

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

You're looking at the core actions Cipher Mining Inc. is taking to execute its hybrid strategy, moving beyond just mining into high-value hosting. Here's the quick math on what they're actually doing right now, based on late 2025 data.

Developing and constructing industrial-scale data centers for HPC tenants

Cipher Mining Inc. is actively building out the physical infrastructure to support its dual focus. The company secured majority ownership in the 1 GW "Colchis" site, with an expected energization date set for 2028. This is part of a larger 3.2 GW pipeline of site capacity they are prioritizing for High-Performance Computing (HPC) deployment. The Barber Lake facility, central to the HPC pivot, has 300MW of approved interconnection and has executed the necessary agreements to participate in the ERCOT market. The initial build for Barber Lake's 168MW capacity was estimated to require roughly $1.5B - $1.8B in capital expenditure.

Bitcoin self-mining operations, producing 629 BTC in Q3 2025

The Bitcoin self-mining activity remains a core function, though it's now complemented by hosting revenue visibility. Cipher Mining Inc. mined 629 bitcoins in the third quarter of 2025. This generated $72 million in revenue based on an average Bitcoin price of $114,400 for that period. Operationally, the company reported mining 689 BTC in Q3 2025, a 35% increase from the 509 BTC mined in Q2 2025. The end-of-period self-mining hash rate reached approximately 23.6 exahash per second. The All-In Electricity Cost per BTC for the quarter rose to $34,189. Operational mining capacity across wholly owned sites reached 477 megawatts in Q3 2025.

Strategic power procurement and optimization in the ERCOT market

Securing power is non-negotiable for these large facilities. Cipher Mining Inc.'s Barber Lake site has agreements in place to participate in the ERCOT market. The company is focused on power optimization, as evidenced by the fact that no additional transmission infrastructure is required to secure power for the 300MW interconnection at Barber Lake. The financing for the 300MW Barber Lake AI data center was supported by an initial $1.4 billion note issuance.

Securing long-term, high-value AI/HPC data center lease contracts

This is where the major long-term value is being locked in. Cipher Mining Inc. has secured a total of $9.3B in contracted lease payments spanning 10 to 15 years. The largest single contract is a 15-year Data Center Campus Lease with Amazon Web Services to support AI workloads, valued at approximately $5.5 billion. This AWS deal requires delivering 300 MW of gross capacity by the end of 2026. The partnership with Fluidstack includes a 10-year agreement with an initial contract value of approximately $830 million. If all extension options are exercised on the Fluidstack deal, the total contracted revenue could reach approximately $9.0 billion across the entire lease. Overall, AI hosting contracts represent approximately $8.5 billion in total lease payments.

Raising capital via debt, like the $1.3 billion convertible note offering

Cipher Mining Inc. executed a significant financing event to fund its buildout. The company issued $1.3 billion aggregate principal amount of 0.00% Convertible Senior Notes due 2031. This offering was upsized from an initial $800 million after the initial purchasers exercised a $200 million option. To mitigate potential dilution, the company entered into capped call transactions costing approximately $82.7 million, setting a cap price initially at $23.32 per share. The balance sheet strengthened materially, with total current assets reaching $1.4 billion at quarter end, up from $220 million the prior quarter, driven primarily by the net proceeds of the $1.3 billion convertible offering. Furthermore, the company secured an additional $1.4 billion in 7.125% senior secured notes specifically to fund the Barber Lake construction.

Here's a snapshot of the financing and contract values:

The company's operational capacity for mining ended Q3 2025 at 23.6 exahash per second. Finance: review the cash flow impact of the $1.4 billion secured notes versus the zero-interest convertible proceeds by next Tuesday.

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

You're looking at the core assets Cipher Mining Inc. (CIFR) is deploying right now to power its dual strategy across digital asset mining and high-performance computing (HPC) infrastructure leasing. These aren't just projections; these are the hard numbers from their Q3 2025 update.

The foundation of Cipher Mining Inc. (CIFR)'s resource base is heavily weighted toward contracted future revenue and massive power infrastructure commitments. The company has successfully locked in significant, long-term commitments from major technology players, which underpins their valuation re-rating from a pure miner to an infrastructure lessor.

Here is a breakdown of the most critical, quantifiable Key Resources as of late 2025:

This proprietary power expertise is evident in the operational efficiency figures. When you look at the hardware deployed, the fleet efficiency of 16.8 J/TH places Cipher Mining Inc. (CIFR) among the most efficient operators in the sector, which is key for margin defense when Bitcoin prices fluctuate.

The flexible data center infrastructure is best seen in the strategic build-out, particularly at Black Pearl. You've got existing operational capacity, but the pipeline shows where the real future value is being built:

• Secured majority ownership in the 1 GW Colchis site, targeted for 2028 energization.
• Black Pearl Phase II is designed to be convertible between Bitcoin mining and HPC compute workloads.
• The $5.5 billion, 15-year lease with Amazon Web Services (AWS) for 300 MW is scheduled for delivery starting in July 2026.
• The Fluidstack/Google deal involves 168 MW of critical IT load capacity at Barber Lake.

Finance: draft 13-week cash view by Friday.

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:

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.

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:

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.

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:

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:

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.