As operations continued to grow in Odessa, Cipher also increased its Bitcoin stockpile and used operating proceeds to pay for construction expenses. The company’s capacity to mine up to 9.3 Bitcoin a day at the beginning of the month increased to 14 Bitcoin at the end, a 51% rise in only one month.
Tyler Page, CEO of Cipher, said:
“Our experienced deployment and operations teams worked tirelessly to continue our rapid hash rate build throughout January. We now have over 3.3 EH/s of self-mining operations at our Odessa facility and approximately 4.3 EH/s of self-mining operations across our sites. Cipher remains on track to build out ~6 EH/s of self-mining capacity in the first quarter of 2023.”
Cipher is a startup technology business with a focus on the construction and management of Bitcoin mining data centers in the US. The company is committed to developing and fortifying the vital infrastructure of the Bitcoin network.
As of February 01, 2023, Cipher Mining Inc had a $297.1 million market capitalization, putting it in the 46th percentile of companies in the Fintech – Blockchain & Cryptocurrency industry.
Cipher activated 13,300 new Bitmain and MicroBT miners in January, resulting in a hash rate increase of 1.4 EH/s and a 48% rise over the previous month. The company generated 343 BTC in January thanks to the higher hash rate, which is a 52% increase over December’s output. It sold 314 BTC in January as part of its routine treasury management procedure, closing the month with a balance of 424 BTC.
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