Strategic Partnerships and Transformations
Cipher Mining executed landmark HPC transactions with Fluidstack, Google, and Amazon Web Services, marking a strategic pivot into high-performance computing. The Amazon deal involves a 15-year lease with 300 megawatts of gross capacity and approximately $5.5 billion in contract revenue.
Expansion and Development Pipeline
Cipher secured ownership in a joint venture to develop a 1-gigawatt site in West Texas, named Colchis. The site features a fully executed 1-gigawatt Direct Connect Agreement with American Electric Power, with power availability targeted for 2028.
Financial Performance and Convertible Offering
Cipher completed a $1.3 billion convertible offering at a 0% coupon, with strong investor demand leading to a 37.5% premium to stock price and a 7x oversubscription.
Bitcoin Mining Efficiency
The company achieved a total self-mining hash rate of approximately 23.6 exahash per second with a fleet efficiency of 16.8 joules per terahash, positioning Cipher as one of the most efficient miners in the industry.