Cipher Mining Reports May Bitcoin Production and Expansion Plans

According to PANews, Cipher Mining (NASDAQ: CIFR) has released its operational data for May. The company produced approximately 179 bitcoins during the month, which includes around 4 bitcoins equivalent from power sales and about 23 bitcoins from a joint venture data center. Cipher Mining sold 64 bitcoins in May, ending the month with a total holding of 966 bitcoins, of which approximately 334 are used as collateral. By the end of May, Cipher Mining had deployed 75,000 mining machines, achieving an operational hash rate of 13.5 EH/s with a machine efficiency of 18.9 J/TH. The company is advancing the construction of its Black Pearl data center in Texas, with the first phase nearing completion. Old mining machines from the Odessa upgrade project have been relocated and installed, awaiting power connection. Cipher Mining has purchased the remaining machines to fill the first phase's 150 MW power capacity at Black Pearl, with new machines expected to arrive and be deployed by early July. Once deployment is complete, the company's projected hash rate is expected to increase from the current 13.5 EH/s to approximately 23.1 EH/s.