Increase in Bitcoin Mining and Revenue
Cipher Mining mined 602 Bitcoin in Q1 2025, up 3% from the previous quarter, generating $49 million in revenue from the Odessa data center, a 16% increase from Q4 2024.
Efficient Operations and Low Costs
Cipher's fleet operates at 18.9 joules per terahash with an average power cost of $2.07 per kilowatt hour, resulting in a competitive electricity cost of $23,379 per Bitcoin.
Black Pearl Data Center Progress
Significant progress on the 300-megawatt Black Pearl Data Center, with rigs being deployed ahead of schedule, increasing self-mining hash rate to around 16 exahashes per second by the end of Q2.
Fortress Credit Advisors Partnership
Cipher signed a term sheet with Fortress Credit Advisors for financing at Barber Lake, enhancing their capacity to develop HPC data centers.