Capital ExpenditureThe potential deal at Barber Lake, free from financing theoretically up to a billion dollars of capex, could result in multiple expansion for Cipher Mining after signing a long-term tenant.
Market CompetitionInterest in Cipher’s 2.8 GW development pipeline from prospective HPC/AI counter-parties remains very high, with active discussions with half a dozen potential tenants.
Power CostsCipher Mining Inc. offers an attractive mix of downside protection through superior unit economics from the Bitcoin mining angle.