In May, while the bitcoin mining industry experienced the first full month of impact from the most recent halving, Cipher continued to deliver positive cash flows while building its bitcoin inventory and executing the expansion of its Bear and Chief sites. Also, Cipher’s power provider at its Odessa data center has used a significant amount of its annual curtailment budget year-to-date, in advance of the four summer months that typically feature peak demand in Texas. Given the hot weather forecast for the summer, and Cipher’s unique ability to re-sell power secured under contract at a low fixed price, the company expects to be well-positioned to benefit if high market prices materialize this summer. Cipher sold 50 BTC in May.
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