The recommendations of Wall Street analysts are often relied on by investors when deciding whether to buy, sell, or hold a stock. Media reports about these brokerage-firm-employed (or sell-side) analysts changing their ratings often affect a stock's price. Do they really matter, though?Before we discuss the reliability of brokerage recommendations and how to use them to your advantage, let's see what these Wall Street heavyweights think about Cipher Mining Inc. (CIFR) .Cipher Mining currently has an average ...

Financial Data and Key Metrics - Total assets increased to $250 million as of March 31, up from $156 million at the end of 2023, reflecting a $95 million increase [1] - Cash position remained relatively flat at $88.7 million, slightly up from $86.1 million at the end of 2023 [1] - Bitcoin balance stood at $123.3 million, reflecting 1,730 Bitcoin held in treasury as of March 31, up from 780 Bitcoin valued at $33 million at the end of 2023 [22] - GAAP net income for Q1 2024 was $39.9 million, a 277% sequential increase and a 976% increase from the prior year quarter [72] - Revenues for Q1 2024 were $48.1 million, an 11% sequential increase and a 120% year-over-year increase [73] Business Line Data and Key Metrics - The company mined 924 Bitcoin in Q1 2024, contributing to $48.1 million in revenues [73] - The Odessa facility represents approximately 90% of Bitcoin production, with a five-year fixed-price power purchase agreement and low electricity costs of roughly $0.027 per kilowatt-hour [44][86] - Alborz data center, powered by wind, has mined approximately 168 Bitcoin year-to-date through April 30, with Cipher owning roughly half of the production [87] - Bear and Chief data centers combined operate 20 megawatts, generating approximately 0.7 exahash per second, with expansions expected to quadruple their size [88] Market Data and Key Metrics - The company's self-mining hash rate grew to 7.7 exahash per second as of the end of April [43] - The average all-in electricity cost per Bitcoin produced in Q1 2024 was $11,912 [50] - The company expects to improve rig fleet efficiency from 29 joules per terahash to 22 joules per terahash as expansions at Bear, Chief, and Black Pearl sites are completed [45] Company Strategy and Industry Competition - The company is focused on being a low-cost producer of Bitcoin, leveraging fixed-price power contracts and efficient rig fleets to maintain competitive unit economics [44][79] - Cipher is building out the Black Pearl site, with a total cost forecasted at $420 million, including $200 million for non-rig infrastructure and $220 million for rigs [13][14] - The company is actively managing its Bitcoin treasury, with 2,033 Bitcoin held as of the end of April, and may sell Bitcoin to fund growth initiatives if necessary [19][23] - Cipher is exploring M&A opportunities, particularly in greenfield sites with favorable power arrangements, and is engaged in several ongoing reviews of potential acquisitions [65][134] Management Commentary on Operating Environment and Future Outlook - Management highlighted the anticipated squeeze on miner economics post-halving, with hash price reaching an all-time low of $0.045 per terahash, which is expected to pressure miners with higher costs [34][35] - The company believes that Bitcoin price appreciation will likely follow historical trends post-halving, potentially benefiting miners with tougher economics [10][49] - Cipher is confident in its ability to navigate the post-halving environment due to its low-cost production model and disciplined approach to growth [70][79] Other Important Information - The company has an equity shelf with ample capacity to raise capital if needed, providing flexibility for future growth initiatives [17] - Cipher has a derivative asset related to its Odessa power contract, valued at $101 million as of March 31, reflecting a $7.4 million increase since the end of 2023 [24] - The company has no debt, with a current liquidity position of $213 million as of April 30, comprising $96 million in cash and $117 million worth of Bitcoin [28] Q&A Session Summary Question: Post-halving dynamics and competitor strategies - Management noted that hash price has reached an all-time low post-halving, squeezing miners with higher costs, and expects increased acquisition activity as miners with worse economics struggle [34][35][65] - Cipher is actively reviewing M&A opportunities, particularly in greenfield sites with favorable power arrangements [134] Question: Capital raising and Bitcoin treasury management - The company plans to fund the $420 million Black Pearl project through a combination of cash flow, Bitcoin holdings, and potential equity or debt issuance [16][18] - Cipher maintains an opportunistic approach to Bitcoin sales, balancing growth funding with the goal of increasing its Bitcoin treasury over time [23] Question: Rig pricing and market dynamics - Rig pricing has increased by approximately 15% on a terahash basis, with Cipher's contracted price for T21 rigs at $14 per terahash, below the current market rate [113][128] - The company has optionality in its rig purchase contracts, allowing flexibility to adapt to market conditions [115] Question: AI data centers and power market dynamics - Cipher has been approached about AI-related data center opportunities but remains focused on Bitcoin mining, leveraging its expertise in power management and curtailment [151] - The company sees potential value in its interconnection approvals, which could become increasingly valuable as demand for data center capacity grows [151] Question: M&A strategy and site selection - Cipher is casting a broad net for M&A opportunities, focusing on greenfield sites with favorable power arrangements and potential for operational synergies [134][168] - The company is open to diversifying geographically but remains concentrated in Texas due to its favorable power dynamics and demand response opportunities [179][180]

KEY UPDATES Current 2Q24E 3Q24E 2025 2,033 BTC BTC Held(1) Built to Succeed and Positioned to Win Post-Halving Anticipated Weighted Average Power Price (c/kWh)(1) of Cipher's Portfolio Energized Through Fixed Price Power Current Operating Fleet Efficiency • Full energization on track for Q2 2024 Odessa Timeline Comparison 6 Black Pearl Expansion • Delivering 300 MW of total capacity • Full energization expected in 2025 Bitcoin Mining Business Model 9 (1) At certain sites, Cipher can opportunistically elect ...

34 SIGNATURES CIPHER MINING INC. Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. Date: May 7, 2024 By: /s/ Tyler Page Tyler Page Chief Executive Officer (Principal Executive Of icer) Date: May 7, 2024 By:/s/ Edward Farrell Edward Farrell Chief Financial Officer (Principal Financial Of icer) 35 Title of each class Trading Symbol(s) Name of each exchange on which registered ...

Current Self-Mining Hash Rate of ~7.7 EH/s and on track to reach ~9.3 EH/s by end of Third Quarter 2024, with plans to grow to ~25.1 EH/s by end of 2025 "We continue to invest heavily in our expansion, and the early stages of construction at our new Black Pearl data center are well underway. We've already cleared and leveled over 50 acres, and we will start laying concrete foundations this month. Because of this progress, and our strong financial position, we have decided to accelerate our plans and build t ...

In the latest market close, Cipher Mining Inc. (CIFR) reached $4.50, with a +1.58% movement compared to the previous day. The stock outpaced the S&P 500's daily gain of 1.02%. On the other hand, the Dow registered a gain of 0.4%, and the technology-centric Nasdaq increased by 2.03%.The company's shares have seen a decrease of 13.98% over the last month, not keeping up with the Business Services sector's loss of 5.04% and the S&P 500's loss of 3.15%.The investment community will be paying close attention to ...

Investors often turn to recommendations made by Wall Street analysts before making a Buy, Sell, or Hold decision about a stock. While media reports about rating changes by these brokerage-firm employed (or sell-side) analysts often affect a stock's price, do they really matter?Let's take a look at what these Wall Street heavyweights have to say about Cipher Mining Inc. (CIFR) before we discuss the reliability of brokerage recommendations and how to use them to your advantage.Cipher Mining currently has an a ...

The most recent trading session ended with Cipher Mining Inc. (CIFR) standing at $3.42, reflecting a +1.79% shift from the previouse trading day's closing. The stock's change was more than the S&P 500's daily loss of 0.58%. At the same time, the Dow lost 0.12%, and the tech-heavy Nasdaq lost 1.15%.Heading into today, shares of the company had lost 18.05% over the past month, lagging the Business Services sector's loss of 4.36% and the S&P 500's loss of 1.09% in that time.The investment community will be pay ...

The most undervalued blockchain stocks to buy in April are for those who think outside the box. Most investors know the big names already, but these hidden gems can offer significant upside potential, especially in the current market environment. The next Bitcoin (BTC-USD) halving event, scheduled for near the middle of this month, is highly anticipated in the crypto world. Historically, Bitcoin’s price has rallied in the months leading up to and following a halving event.These most undervalued blockchain s ...

With the benchmark cryptocurrency recently setting an all-time high, it was inevitable that interest in space holistically skyrocketed, thus boding well for so-called blockchain stocks. Basically, these are enterprises that either mine cryptos or facilitate their acquisition. Fundamentally, they offer an alternative path to decentralized riches.But what on Earth would you want to buy blockchain stocks when you can buy cryptos instead? As with anything in life, there are pros and cons. Regarding the risks of ...