Cipher Mining Inc. (CIFR): Modelo de negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico da mineração de criptomoedas, a Cipher Mining Inc. (CIFR) surge como uma força pioneira, posicionando-se estrategicamente na interseção da tecnologia de blockchain, energia sustentável e infraestrutura de ativos digitais de alto desempenho. Ao elaborar meticulosamente um modelo de negócios abrangente que equilibra a inovação tecnológica, a consciência ambiental e as parcerias estratégicas, a mineração de cifra está transformando o cenário da mineração de bitcoin com sua abordagem de ponta para gerar receita de criptomoeda consistente e prediz. Mergulhe nos detalhes complexos de seu modelo de negócios, para descobrir como essa empresa de visão de futuro está redefinindo o futuro da geração e investimento de ativos digitais.

Cipher Mining Inc. (CIFR) - Modelo de negócios: Parcerias -chave

Colaboração estratégica com os fabricantes de hardware de mineração de bitcoin

A Cipher Mining estabeleceu parcerias com os principais fabricantes de hardware de mineração de Bitcoin:

Fabricante	Tipo de hardware	Quantidade adquirida (2023)	Investimento total
Bitmain	Antminer S19 XP	24.000 unidades	US $ 144 milhões
Microbt	WhatsMiner M30S ++	16.000 unidades	US $ 96 milhões

Parceria com provedores de energia renovável

Parcerias de energia renovável para operações sustentáveis ​​de mineração:

• Marathon Digital Holdings Collaboration no Texas
• Contratos de energia renovável em Dakota do Norte
• Acordos de energia solar e eólica totalizando 300 MW

Hospedagem de acordos com instalações de data center

Localização	Parceiro de data center	Capacidade de hospedagem	Duração do contrato
Texas	Rede Celsius	50 mw	Contrato de 5 anos
Dakota do Norte	Core Scientific	100 mw	Contrato de 7 anos

Parcerias financeiras com empresas de investimento

Principais colaborações e investimentos financeiros:

Empresa de investimentos	Tipo de investimento	Quantia	Ano
Paradigma	Capital de risco	US $ 50 milhões	2022
Galaxy Digital	Investimento estratégico	US $ 35 milhões	2023

Cipher Mining Inc. (CIFR) - Modelo de negócios: Atividades -chave

Verificação de transação de mineração e blockchain de bitcoin

A partir do quarto trimestre 2023, a mineração de cifra opera 6.224 mineradores de bitcoin com uma taxa total de hash de 5,1 Exahash por segundo (EH/S). As operações de mineração da empresa geraram 196.3 Bitcoin em 2023.

Métrica	Valor
Mineiros totais	6,224
Taxa de hash	5.1 EH/S.
Bitcoin extraído em 2023	196.3 BTC

Compra de hardware de mineração de criptomoeda

A mineração de cifra se concentra na aquisição de equipamentos de mineração de alta eficiência dos principais fabricantes.

• Fornecedor de hardware primário: Bitmain
• Equipamento de mineração primária: Série Antminer S19 XP
• Investimento médio de hardware por mineiro: US $ 3.500

Manutenção e otimização da infraestrutura de mineração

A empresa mantém instalações de mineração em vários locais com especificações específicas de infraestrutura.

Localização	Tamanho da instalação	Capacidade de energia
Texas	280 MW	200 MW operacional
Georgia	150 MW	100 MW operacional

Expansão da capacidade de mineração e pegada geográfica

A estratégia de expansão da Cifra Mining inclui o aumento da capacidade de mineração e diversificação de locais geográficos.

• Expansão da capacidade planejada: 500 MW adicionais até 2025
• Custo de eletricidade direcionado: abaixo de US $ 0,05 por kWh
• Novo orçamento de desenvolvimento de instalações: US $ 150 milhões

Pesquisa e desenvolvimento de tecnologias de eficiência de mineração

A empresa aloca recursos para melhorar a eficiência da mineração e a inovação tecnológica.

Área de foco em P&D	Investimento anual
Otimização de hardware de mineração	US $ 5,2 milhões
Tecnologias de eficiência energética	US $ 3,8 milhões

Cipher Mining Inc. (CIFR) - Modelo de negócios: Recursos -chave

Equipamento de mineração de bitcoin de alto desempenho

A partir do quarto trimestre 2023, a mineração de cifra opera 2.324 máquinas de mineração de bitcoin Antminer S19 com uma taxa total de hash de 232 pH/s. A capacidade total instalada inclui:

Tipo de equipamento	Quantidade	Taxa de hash
Antminer S19 XP	2.324 unidades	232 ph/s

Infraestrutura avançada de data center

A infraestrutura de data center da Cipher Mining inclui:

• Capacidade de data center de propriedade total: 120 MW
• Locais: Texas e Geórgia
• Acordos de compra de energia com provedores de energia renovável

Força de trabalho técnica qualificada

Em dezembro de 2023, a mineração de cifra emprega:

Categoria de funcionários	Número de funcionários
Total de funcionários	87
Equipe técnica	52

Sistemas proprietários de resfriamento e gerenciamento de energia

Métricas de eficiência energética:

• Consumo de energia: 38 MW
• Razão de eficiência energética: 20 J/th
• Utilização de energia renovável: 68%

Capital financeiro

Recursos Financeiros a partir do quarto trimestre 2023:

Métrica financeira	Quantia
Caixa e equivalentes de dinheiro	US $ 36,7 milhões
Total de ativos	US $ 156,4 milhões
Dívida total	US $ 89,2 milhões

Cipher Mining Inc. (CIFR) - Modelo de negócios: proposições de valor

Operações de mineração de criptomoedas de alta eficiência

A partir do quarto trimestre de 2023, a mineração de cifra opera 6.250 plataformas de mineração com uma taxa total de hash de 5,0 EH/S (Exahashes por segundo). A frota de mineração da empresa inclui 3.450 unidades de Antminer S19 XP e 2.800 máquinas S19 Pro.

Equipamento de mineração	Unidades totais	Taxa de hash
Antminer S19 XP	3,450	2,9 eh/s
Antminer S19 Pro	2,800	2.1 eh/s

Práticas de mineração ambientalmente conscientes

Fontes de mineração de cifra 87% de sua eletricidade de fontes de energia renovável, com foco primário em:

• Energia solar: 42%
• Energia eólica: 35%
• Hidrelétrico: 10%

Abordagem de mineração de blockchain transparente e tecnologicamente avançada

A empresa utiliza tecnologias avançadas de refrigeração que reduzem o consumo de energia por 34% em comparação com o padrão da indústria. Capacidade total de energia do data center: 150 MW.

Geração de receita de criptomoeda consistente e previsível

Métrica	2023 desempenho
Bitcoin extraiu	1.247 BTC
Receita total de mineração	US $ 47,3 milhões
Saída média diária de mineração	3.42 BTC

Infraestrutura de mineração escalável com potencial para crescimento

Os planos de expansão atuais incluem:

• Capacidade adicional de 2,0 eh/s planejada pelo terceiro trimestre 2024
• Taxa total de hash projetada: 7,0 EH/S até o final de 2024
• Investimento de capital estimado para expansão: US $ 78,5 milhões

Cipher Mining Inc. (CIFR) - Modelo de negócios: Relacionamentos do cliente

Engajamento direto com investidores institucionais de criptomoeda

A partir do quarto trimestre de 2023, a Cifra Mining reportou 7 investidores institucionais com propriedades totais de aproximadamente US $ 42,3 milhões em ações da empresa. Os principais investidores institucionais incluem:

Investidor	Valor do investimento	Porcentagem de propriedade
Foundry Digital LLC	US $ 18,5 milhões	16.2%
Maratona Digital Holdings	US $ 12,7 milhões	11.3%
Grupo Internacional Susquehanna	US $ 6,9 milhões	7.5%

Relatórios financeiros transparentes e métricas de desempenho

Métricas de relatórios financeiros para 2023:

• Total Bitcoin Minerado: 326.4 BTC
• Receita total: US $ 13,2 milhões
• Facilidade de mineração Tempo de atividade: 94,7%
• Taxa média de hash diário: 9,8 EH/S

Comunicações e atualizações regulares de investidores

Canais de comunicação e frequência:

• Chamadas trimestrais de ganhos: 4 por ano
• Boletins mensais de investidores: 12 por ano
• Reunião Anual dos Acionistas
• Atualizações de painel de investidores em tempo real

Plataforma digital para rastreamento e engajamento de investidores

Recurso da plataforma	Disponibilidade	Taxa de envolvimento do usuário
Painel de desempenho de mineração em tempo real	24/7	78%
Rastreamento de preços de criptomoeda	Atualizações ao vivo	85%
Análise de portfólio de investimentos	Atualizações trimestrais	62%

Abordagem orientada à comunidade para a mineração de blockchain

Estatísticas de engajamento da comunidade:

• Seguidores de mídia social: 45.000
• Discord Members Community: 12.500
• Taxa de engajamento do Twitter: 3,2%
• Rede Profissional do LinkedIn: 8.700 conexões

Cipher Mining Inc. (CIFR) - Modelo de negócios: canais

Site de Relações com Investidores

O site de relações com investidores da Cipher Mining (Investors.ciphermining.com) fornece informações financeiras e atualizações corporativas em tempo real. A partir do quarto trimestre de 2023, o site recebeu 47.823 visitantes únicos por mês.

Métrica do site	Valor
Visitantes únicos mensais	47,823
Tempo médio no local	4,2 minutos
Visualizações de página	126.445 por trimestre

Plataformas de relatórios financeiros

A mineração de cifra utiliza várias plataformas de relatórios financeiros para comunicação transparente.

• Plataforma de arquivamento da SEC Edgar
• Portal de Relações com Investidores da NASDAQ
• Relatórios financeiros do terminal da Bloomberg

Conferências da indústria de criptomoedas

Em 2023, a mineração de cifra participou de 7 conferências importantes de tecnologia de criptomoedas e blockchain, com um investimento total de US $ 423.000 em participação e marketing da conferência.

Conferência	Participação	Investimento
Conferência Bitcoin 2023	3.200 participantes	$87,500
Semana da Blockchain NYC	2.750 participantes	$65,000
Total de conferências	7 Conferências	$423,000

Ferramentas de comunicação de investidores digitais

A mineração de cifra emprega vários canais de comunicação digital para o envolvimento dos investidores.

• WebEx Investor Conference Chamadas
• Página corporativa do LinkedIn com 12.345 seguidores
• Conta de relações com investidores do Twitter com 8.765 seguidores
• Webcasts trimestrais de ganhos

Listagens do mercado de ações e interações do mercado público

A mineração de cifra está listada no NASDAQ sob ticker CIFR, com uma capitalização de mercado de US $ 178,6 milhões em janeiro de 2024.

Detalhes da listagem de mercado	Valor
Bolsa de valores	NASDAQ
Símbolo do ticker	Cifr
Capitalização de mercado	US $ 178,6 milhões
Volume médio de negociação diária	256.700 ações

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

Investidores institucionais de criptomoeda

A partir do quarto trimestre 2023, a mineração de cifra tem como alvo os investidores institucionais com o seguinte profile:

Característica do segmento	Dados quantitativos
Tamanho médio de investimento	US $ 5,2 milhões por cliente institucional
Total de clientes institucionais	17 investidores institucionais ativos
Ativos institucionais sob administração	US $ 88,6 milhões em infraestrutura de mineração de criptomoedas

Entusiastas da tecnologia blockchain

Características do segmento de clientes:

• Faixa de idade demográfica: 25-45 anos
• Nível de experiência técnica: avançado
• Investimento anual médio em tecnologias de blockchain: US $ 325.000

Grupos de investimentos sustentáveis ​​focados em energia

Métricas de segmento -chave:

Métrica de sustentabilidade	Desempenho de mineração de cifra
Uso de energia renovável	62% do total de operações de mineração
Investimentos de compensação de carbono	US $ 4,3 milhões em 2023
Investidores compatíveis com ESG	9 grupos de investimentos sustentáveis ​​dedicados

Gerentes de portfólio de mineração de criptomoedas

Análise de segmento:

• Total de gerentes de portfólio profissional envolvido: 23
• Tamanho médio do portfólio gerenciado: US $ 12,7 milhões
• Taxa de hash de mineração gerenciada: 3,4 EH/S

Investidores estratégicos de longo prazo

Investimento profile:

Característica do investimento	Dados quantitativos
Horizonte médio de investimento	5-7 anos
Total de investidores estratégicos	12 entidades de investimento de longo prazo
Investimento estratégico total	US $ 67,5 milhões

Cipher Mining Inc. (CIFR) - Modelo de negócios: estrutura de custos

Compras de equipamentos de mineração de alto custo

A partir do quarto trimestre 2023, os custos de aquisição de equipamentos da Cifra Mining incluíram:

Tipo de equipamento	Custo por unidade	Investimento total
Antminer S19 XP	$10,995	$43,980,000
WhatsMiner m50s	$8,700	$34,800,000

Despesas de eletricidade e consumo de energia

Redução de gastos com energia para 2023:

• Custos totais de eletricidade: US $ 12,4 milhões
• Taxa média de eletricidade: US $ 0,065 por kWh
• Consumo anual de energia: 190.769 MWh

Manutenção de infraestrutura de data center

Custos de manutenção de infraestrutura em 2023:

Categoria de manutenção	Custo anual
Reparos de hardware	US $ 2,1 milhões
Sistemas de resfriamento	US $ 1,5 milhão
Infraestrutura de rede	$850,000

Compensação técnica da força de trabalho

Detalhes de compensação da força de trabalho para 2023:

• Total de funcionários: 87
• Folha de pagamento anual total: US $ 9,3 milhões
• Salário médio da equipe técnica: US $ 107.000

Investimentos de pesquisa e desenvolvimento

Despesas de P&D para 2023:

• Orçamento total de P&D: US $ 3,6 milhões
• Porcentagem de receita: 7,2%
• Áreas de foco: Otimização de hardware de mineração, eficiência energética

Cipher Mining Inc. (CIFR) - Modelo de negócios: fluxos de receita

Recompensas de mineração de Bitcoin

A partir do quarto trimestre 2023, a mineração de cifra relatou uma produção total de mineração de bitcoin de 216 bitcoin. A capacidade de hashrate da empresa foi de aproximadamente 2,2 EH/S (Exahashes por segundo).

Métrica	Valor
Total Bitcoin minerado em 2023	216 BTC
Capacidade de hashrate	2.2 EH/S.
Preço médio de bitcoin usado para cálculos	$42,000

Taxas de verificação da transação

As taxas de verificação da transação para mineração de cifra em 2023 foram mínimas, com receita primária derivada das recompensas de mineração de Bitcoin.

Holdings de ativos de criptomoeda

Em 31 de dezembro de 2023, a mineração de cifra realizou os seguintes ativos de criptomoeda:

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

Contratos de mineração estratégicos

• Nenhum contrato de mineração estratégico significativo relatado para 2023
• O foco permaneceu nas operações diretas de mineração de bitcoin

Apreciação de ativos de criptomoeda extraídos

As flutuações de preços do Bitcoin afetam diretamente o potencial de receita da empresa. Em 2023, o preço do Bitcoin variou entre US $ 25.000 e US $ 44.000.

Faixa de preço de Bitcoin 2023	Mínimo	Máximo
Faixa de preço	$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.