the is and Lori. Tyler Cipher today. discuss to CEO you, Mining, Thank our third quarter This of Hello. going I’m Page,
our begin of million. ticker mining to transaction reminding everyone going in by with CIFR. listing We our industrial the Bitcoin recently deal, company. Cipher public we our and scale Mining $XXX on proceeds close a NASDAQ net And is discussion PIPE U.S.-based to I’m go completed that So, raised
we executing centers Cipher is are course to throughout to When long-term namely compared strategy power a series compelling about competitive think competitive agreements a and average develop production of per have advantages, significantly ramp which of purchase our Bitcoin X.XX the five kWh. up data landscape, We to weighted we expected five-year power price the currently of cents a deploy XXXX. where have
we to Those of of for to equipment. have also are experienced long-term bit We be mining with scheduled capable the we operational services up executed rigs have that over machines generating are the delivered have agreement second. a Bitfury team per at Exahash agreements that And course purchase for and XX.X XXXX.
so, needs access delivery scale any to a power you we new particularly to we best-in-class team. when large our and the versus for in are strong scheduled access think and the to feel key successful year, the at And cheap of equipment on competition, about next of a focusing us with terms then miner, operations our our services access price,
to has just Cipher in of Mining very context the helpful been reset it’s started, everyone’s what for get year we Before busy aware Bitcoin. a is
early amount up in of over into a April base XXX% the was Just had coin it beginning year early in it XX,XXXs. IPO was -- the year around and around of over year mid Bitcoin $XX,XXX. the recall year, back peak the was the There the that at in fair XXX%, came where an up enthusiasm
came of summer, as head in on Bitcoin futures becoming we price miner, -- real considering price. marketplace, series preached ETF. the story the doldrums in some to interesting peaked in its the based a saw up. including always hashrate and that Bitcoin becoming us wonderful capacity a for mining world. all-time made highs focus market week, that we of in had us of the summer, we a the Particularly Recently, down has Bitcoin. shut was the have And events China We’ve Over newsworthy Bitcoin most U.S. over in we U.S.-based this United just, have a back States the fact, for
as lot short so, happened lot a And happened has When you about for a the has Cipher in think year. Mining, us well.
went from privately we newer Mining created we were Bitfury, Bitcoin SPAC. So, created were Mining of held a to on as via And us Company. And opportunity off were Cipher a Bitcoin is XXXX. We spun we operations. company. an a of European-based in public spinoff January And a set focus
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purchases, and of our quarter and had MicroBT very end suppliers, to diversified namely lives, September pre-material the completed materiality first entered of rig busy public a we’ve standpoint, at going Bitfury. for we and Bitmain, a have So, mining from a start between group we now, our equipment from contracts
power. flex an forward access to access listed building to will publicly do to basis, miner. advantages, and large-scale our an on operational look large-scale which are standpoint, very to company successful a be we we a have ongoing you we important long-term you’re now as As an thing, capital From a Bitcoin need miner, is
counterparties. short-term. megawatts not long-term, They that up five-year-plus to have And current contracts. with are We are with the our XXX those
a States more become deals have of pipeline future interested industry mining. in discussions in in very Bitcoin with. seemingly also energy robust The has that we’re the in particular We United
producers We are our strategy. we’ve relationship of major discussions I our counterparties a a one that power having actually would want Bitcoin structured JV. on to side, as with note current the have that power
so, that joint working And the Bitcoin power provider in venture, we operation. a are build together to with mining
other that us to that strong I talk think for structure something have partners continue of want mining. very a potential to accessing turnkey as scalability that the could that be for to is solution we Bitcoin
most seven-year place particular with we mentioned, diversified nation first well on those that refusal us our we framework a On Bitfury agreement have favored the right I in new have would framework grant as in in to machines. as a pricing equipment suppliers. note do I as particular side, purchase of machines, the that
And so, a on we have long-term as well. advantage equipment
to miner, you Lastly, of which successful everything the last and capital, ingredient got for can you need up you sure as being Bitcoin a that to thoroughly power, running, is sort you your equipment, with maximum you’ve and uptime. your new make now get secured expertise, operational secured possible as
for them. do for experienced team been leveraging have the over running We space has a agreement operations. operational We services. Bitfury mining Bitfury very decade Bitcoin the will an in with at be
points, Bitcoin from to little to bit highlight environmental issues, site talk miner. our I like key it environmental perspective. want evaluating about when to approach about large to I’d as the our Next, comes a scale an thinking a
materials it Cipher can At First generation. coal generation -- that or power renewable U.S. than higher with not in direct providers, a directly of to a see and carbon purchase emission of of amount large electricity our have has does all, working Cipher electricity have preference the generates for nuclear. no particularly in than addition facilities. we agreements you of amount coal a power emissions, average sources Coal-based higher with a carbon
is In the XXX% that planned a to wind fact, wind power our farm. a grid. first site generated that have is online we off It’s
One of power not we plan our to that a does have facility online thereafter come emissions. shortly nuclear that is facilities
our deployment a can user of we set, look start. -- electricity. emissions have are the to of carbon that getting total you When off of the U.S. weighted see good half we so, to portfolio the you initial And about our site at intend average average
on off we’re the already right foot. So, starting
typical of But make in want deploy we the centers, then, sure our measure target are mining is in we’re going marketplace. to to moving as and neutrality what carbon XXXX. And emissions. forward, we our we by We well-ahead our report operations
place providers offset an evaluating deploy We emissions, in for are different will do we that the our as have. measure we of we carbon emissions putting be currently plan offsets. And and
and are where opening of our me and strategy. with let sort of plan So, get that philosophically, overview into Cipher implementation we
three Usually are we site it. at So, are first process way readiness. deploying. of we in that, think to let’s I we all, the five about talk in site readiness, sites currently mentioned phases about
power everything that is And readiness. to of phase by power is us a other for what mean to have site. from think draw required readiness first point mid-voltage you connection power I can The is
but And and that so, would et the electrical substations, contractual land, and is that also, transformers with necessary needed, both, power the infrastructure relationships be provider step-down cetera.
required that X. readiness, everything then is Phase literally Phase to what connection plug X rig. take power that’s point can a the Bitcoin mid-voltage the infrastructure for think that to you the the from So, as mining down a like and of outlet, is call I’ll
to a hold fair switch amount a mining the rig of the consists piece. as that container of gears, site last so, And transformers, a series really engineering, cables, of
stable, And of repurposed full your to be and a centers. is extremely on-site when so, containerized getting then in that are readiness create step we value a The your bring robust built you to that last have lot facilities site mining shipping many of set center. are and up technology containers rigs. data data These are to building
it readiness. call I’ll so, And rig mining
your place mining to put are and You’ve the rigs got the mining got rig, then power, you’ve on-site. a
XX Chief will quarter Bear look a a our project so, Alborz, and megawatt build of first from And we in looking first initial readiness our power the infrastructure when going XXXX. of that we three we perspective, deployment megawatts have total across and sites, out forward forward, at
Now, Cipher venture joint Chief owns XX% subject that of Alborz, in that to Bear And joint one are and which is the our are sites economics. venture.
is So, think power a as XXX% economics Ohio. power facility of. infrastructure we of we readiness megawatts That Coshocton add a belonging is from nuclear on a XX of that two, and in Coshocton In the facility will own XX% megawatt those Cipher. can will you to is -- perspective. quarter
to really infrastructure at expansions X readiness both when we safe by directly in can XXX online you that And deck. XXX that megawatts. will can infrastructure our our XXXX will power and deployment the in And And so, we corresponding and see that XX the guess, that’s of the this with third But, now megawatts quarter going QX from is a Cipher midyear to COVID power forecast megawatts a Odessa megawatts readiness then, chain a to numbers total and I our over. not have perspective, total will and see Bear ramp share from completely to quarter Phase Cipher. our also you our of ready bring the of perspective live by it’s plan end that be of supply world pandemic XXX we of do the end into caution and our bring three and we challenges and belonging Chief. best XXXX
this so, course, of our forward. things looking But is change. insight can And best
about rig readiness, talking me with want the before what there, stage. and So, to last infrastructure. tangibly understand is mining I And to power leads you get we’re we that which
are there containers firstly, shipping containers we of repurposed with on that in have a lot pictures got have containers. right now. working technology release. contractors But dozens that this of of will the We’ve construct series are These posted quite the So, bit to be of them. a material in a
building will to pictures you cutting amount in these in putting Bitfury boxes et addition some place. click of network in heavy and our of just you you cetera, truck we design cables, boxes them through see in we walls a that and put deck, engineering, will are switches, have hinges and If the do to have sort in for fair servers, our temperature to cetera purchased. are them that go those out that Panel proprietary gauges, Once et Control sites ready, open
deck wind a again, we generated of our And site first again, XXX% which will at looking be ready Alborz, pictures our that have power facility. is at do so,
eye You can the as can far see see. turbines, wind as
of Looking coming there is the out. that we’ve in lot, shows a there the picture foundational out as some being the mid-construction transformers cables; as across at itself, site the well laid are the supports got for trenching for that the boxes the
is up this This data somewhat pictures short order, containerized set live And are facility the those from materials. facility trending obviously, so, rig us climate, by what page has at in looks of been and center have you our on will is like we a available that readiness. is Bitfury. and it finished, that that cooler XX going power leads readiness it when In a towards, And a live to that’s but Alborz. have slightly as like the And now look what is with mining sites. infrastructure
favorable mining So if can for strategic try to have we and spectrum, rigs talking to near-term buy a or mining large of decisions more at secure rigs prices. to There’s mining buy readiness you a can for rig mining about delivery a rigs. over you them delivery, in for about premium, what really make time, can pay potentially you large-scale lot
the far for a price much not on overpaying to, tended on hashrate. discipline for in have marketplace, based delivery, have maintaining We near-term as focused we seen very we prices have as on what based
dollars we analyze terahash so, And things per on framework.
on investment. across and want we price to pay of discipline Bitmain, look really three for and that sure maintaining up cost average on providers pay rely combine paying rush business. maintain at where those discipline our can end very that a This hashrate. with We just we you make That’s MicroBT discipline make site, you advantages. we our like to what We power a goal think you that maintain we’re around is $XX.XX We portfolio want our -- we And what to happens overpay. across for being in overpay is compelling. the long-term what cyclical anticipated our will we to then Bitfury. is disciplined we Again, a and hashrate. we If don’t mining that’s we are terahash. when for our that want what for things want situation And on weighted per rigs, to don’t return sure
contract place. that XX highlight page materials, we you at see contracts as in contracts I is can we be there Again, one the three not look have you would that entered the delivery our we of that supply a note what I schedule in forecast, can risks world may would able live many three machine if So, are delivery monthly of the is things what happen. pandemic, issues to is in our schedule. this chain into for this for. the But, aggregated
minimum our in And well that will -- illustrated are report both And of on machines generated some twice prefer are the the got that’s purchase I machines so, point per mining of has like the to anticipated total much we We’ve flexibility. the of them they machines buying, and the nearly machines the deliveries out by about of companies maximum some as month they’re has as reporting we’re hashrate nearly ordered. Bitfury number month. I have highlight in purchase, amount, as know the ones when hashrate there to -- particular. a we they particular slide. number machine, frankly, many we And a Bitfury by because we’ve It talk to how purchase that amount. contract the just,
total of so, you at across if boxes bottom for the portion hashrate of hashrates, you’ll bottom as these hashrate month-by-month, monthly by see And scale well the deliveries. Mining can by can these this XX, you the screen, as see of the by deliveries, page represented the the Cipher see represented
of large a their own Bitfury you the year As we begin then, out, be see are our machines, which and MicroBT particularly of. XX% JV, arrive. some we later as going I deliveries will we and projected orders, in can orders of which the come, scale to ordering into mentioned, some And
some that as ordered the You overall. for of across both, finish out that everyone see, you statistics belong can in contracted we that keep key can show XX.X to just maximum see Mining we out hashrate you that exahash And to have -- machines machine the would mind. well I minimum we machines we amount December, as of build assuming order, to they should and Cipher amount would go Bitfury if have the purchase want by reiterating to maximum top. as exahash the of XX.X
want pricing $XX.XX I manifested a the specifically, in itself that we discipline average have reiterate to per So, has the across terahash portfolio. shown price Cipher
We have an average of mining machines terahash. per XX.X with -- average joules purchased weighted rig efficiency
have this be to of lastly, note of power arm our work analysts but a that again, around. infrastructure is things, cost impact are many subject with, what price we what have this streams weighted we And CapEx and of estimate We number in since anticipated to idea and I the we lot It is at potential could kWh. putting our anticipated in has it together. move per per would best portfolio that like about inflation moved can the across average forward-looking time, move earlier year, a cents And lot that point does around. to megawatt around the investors $XXX,XXX. an of a X.XX wanted
So end pass with that, And will I CFO. Farrell, will Ed I our to remarks. my
