Cipher Mining, Inc. a U.S.-based bitcoin mining company, announced it has commenced bitcoin mining operations at its Odessa data center in Texas.
“We are delighted to announce that our Odessa data center has begun bitcoin mining operations just 10 months after we broke ground at the site. The start of mining at Odessa represents a critical step in Cipher’s journey to become a market leader in the U.S. bitcoin mining industry. Since going public in 2021, we have built four data centers in Texas and are now one of the lowest cost producers of bitcoin,” said Tyler Page, CEO. “Because of our long-term, fixed price power contract at Odessa, we also have an advantage that few other bitcoin miners have — the flexibility to mine bitcoin or resell our power to the market, which can help mitigate the effects of falling bitcoin prices.”
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The Company now operates four data centers with total capacity expected to ramp up to 267 MW in early 2023. As Odessa ramps up, Cipher expects to dedicate up to 7 EH/s to self-mining across its four data centers.
As part of its recent Q3 2022 earnings release and business update, Cipher’s Odessa power contract was recorded as an asset valued at approximately $78.9mm as of September 30, 2022. The Odessa power ramp-up schedule, as well as the Company’s anticipated hash rate timeline, are outlined in the Cipher Q3 2022 earnings presentation.
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