Page, our quarter very CEO business Tyler update Cipher of This you joining Mining. third much call. for Hi. Thank is
Cipher's with our quarterly Bitcoin position Today, key in mining. resilient some are validate as per $X.XX last Let announcing call. share, low a producer since which start cost me earnings of we developments
quantify at end the that as at strongest always power Odessa and value fixed third now contract our $XX.X the price quarter. our of of being low assets the contracts million we of are have some can our cost said valued We power roughly
us bitcoin to at Our bitcoin provides are allows margins low. potentially the contractual mining benefits Odessa flexibility resell arrangement or when to market, power the which mine
moved prices substantially contract, money. update, higher when the it our have announced of data we is last power Since in our center. since executed we the the completion As Alborz business
Chief and to happy construction that am XXX% center and data have new is XXX current quarter. data their Alborz and now them of report up and bitcoin per completed bitcoin and by the two between powered I Bear are sites. produced now Chief. we and the roughly during are centers Bear can we at operating running a The day call of wind total produce two two
at infrastructure has largest of which our The Odessa update. rig center team tremendous for last are our installation at generating data in of also progress second. X.X first exahash is phase miners, about per capable complete Our made since the
and are currently rate to hash final the coming we will online mining expect month. necessary begin We executing steps be this that
by roughly to producing shipped per X.X capable ship exahash or additional have We of scheduled year mining to Odessa rigs second end.
our our industry, to crypto to I all the would addition on going In in everyone remind progress light the and in turmoil execution of like liquidity of strong position.
news X, of last tumultuous week's November Binance. about after As and FTX Wednesday, day the
cash of and bitcoin balance We XXX have approximately sheet. on our $XX billion
expected have debt now by relatively meet struggling competitors our their our sites ongoing are operations. to finance obligations, debt that to our payments of obligations secured covered be loans at some equipment Unlike small only
We have payments manufacturers. no rig mining further any to to make
Bitcoin mining everyone a you business Slide to how will a the says electricity overview and that market diving model remind convert drawing business. let and the of business Before simple our X, see We our computing which middle works. of expenses rigs. represents into of take spend data equipment, update, the moment our our majority operating deeper data operate mining into me power. on a On the centers which in centers We box the Mining
to centers, computing clients power spends company unit Controlling to be to capital costs profitably, their equipment. specific hash controlling electricity this economics. the costs a bitcoin bitcoin enables data on rate its produce operate and to these a both focus its lower similar including operate data at To Cipher bitcoins. what model, called which dollars, needs spends its and Cipher traditional a for cost the to it power to for control centers, Unlike network costs sell enterprise purchase been And always build these model to computing our it a the miner sells possible output mining mining producer. make best
X, Cipher's advantages. Slide some specific we On highlight cost of
a a Specifically, both our mining fleet terahash. us that cost fleet and $XX.X that rigs second and average an better competitors. most has of average terahash of per $XX.XX is of lower fleet efficiency joules per rigs has cost of of per efficiency than acquisition This an our
capable We X.X install expect of paid rigs and exahash have XXXX. per about for second generating to already by early
distressed to capacity our priced continue We second hash handling could market exahash rigs infrastructure X a up low generate have expand capable conditions total (ph) early And opportunities look for expect per XXXX. that for we of rate. given in to hardware, to total to current
the centers. low to optimize making structures we time cost. have in lowest our real developed We long such and model approximately agreements. of decision the via variety data to of achieve power term arranged industry power costs of the price with a an pricing average at kilowatt a proprietary Furthermore, use per a purchase profitability power We hour, have some $X.XX our power power
complete Odessa operating expect XXX at our in megawatts. fourth center capacity early it and total is approximately to at infrastructure XXXX when the of to expect data We a we have done,
with let's several for increased. few rough we have has industry. along recent conditions the a prices while companies week, noteworthy mining. markets. bitcoin network choppy produced industry. show to amount on the Until the the mining a it prices Slide last been of events great Cipher's had about approach months several market for news among power talk cash very Now overall remained These bitcoin On focused last bitcoin and of navigating relatively Generally, bitcoin distress prices months flat, rate X,
bitcoin to of moving per seen at adjacent machines mining can markets survive continue also difficult. believers public future less the big liquidity and and don't We bled have mind Problems than FTX. those crypto incredibly saw the and conditions new fast Last and We drop prices at that markets other more to made bitcoin price in for offered prices terahash week we mining crunch who in for choppy action remain brighter eventual rigs there $XX crypto are for only per volatile into has price related the cryptocurrencies. quotes a second.
strength brighter From day data storm market we withstand advantage day can this and focused current we relative of strategic perspective, remain our cyclical the the to a where backdrop, continue focus winner opportunities on company low risk, completion can laser Given at that take ultimately days emerge the centers. industry building return. our is the a Cipher when to and find as of
on observations my the that some it saying recent crypto. on the close clarity don't me day by have are but yet we the Let fiasco, the market history worst calling FTX in specific turmoil causes of of the
I that of at from in boom the and ups watched one. I working many years have I'm now second perspective, this some cycles industry through at and firm helped grow day my industry multiple the bust the have professionally For downs point. over
potential crypto interest bitcoin focus what that as bitcoin distinguishable one as adoption support bitcoin in my tremendous has thing and all bitcoin. generalized of is business time. the of And crypto Cipher of a more to the it started evolved our on built grow has universe. use the a think separate infrastructure from cases, Mining to over focuses from rest scales. We We from the network time, potential of its Over to that and
We did believe unique see to I to years realization bitcoin same the ultimately something bitcoin will ultimately this that few cause to investors future. the that My the same hope realization come the regulators as different. others and investors, a and and is ecosystem come turmoil in is ago market
is helping Now about ensure that how let's Cipher talk future.
than XX up all somewhat approximately in-electricity Moving data a with the from our venture rigs. we operating at megawatts megawatts, highlights on for powers capacity of is In the energy Note center. less joint center share of our Alborz conditions, a per provider site our in and second typical data when to out, wind Alborz operational build the roughly some that exahash $X,XXX. XXX shows XX Alborz X was we center highlights that mined Slide bitcoin. as X.X total windy the quarter, our bitcoin third data more roughly blows cost specific has ramped that
being operational Bear and highlights Bear fully that means operational problem that Chief currently in day only two Bear market were of mining the its October. and had Chief capable XX at shows Combined, X Slide transformers fixed, of bitcoin expected megawatts. per centers. from are in our X data of one roughly which and Note a completed Bear current sites at two generating our new is made conditions.
have pictures Odessa progress of our some has our we largest to data Slide significant made Turning X the site. beautiful center. at
currently X.X per As roughly capable installed at I mentioned, have rigs generating we second previously Odessa. of exahash
the rigs the end center preparing operational the the fully those in expect will are stages final data We we of by month. of and be
ramp monthly scheduled by XXX anticipated and available You of megawatts can see megawatts XXXX. expect full up be the February also in the we to
forecast for of see the each paid megawatts shipping. also we for currently which quarter. arranged already expanding we've of operational rigs the and having Note and infrastructure current at rate forecast an excess capacity that can beyond site XX You mining power our hash
This in long that power rigs tremendous Because bargain price of low expand few so provides fixed times we to advantage to Odessa, sell other to power the capacity is contract at market miners prices by months attractive. additional have our coming purchasing at us mining flexibility at the when have. bitcoin an or alternatively cost doing term capacity
at our We future to against currently margins. market excellent have in market capacity and bitcoin the declines prices mining flexibility resell forecasted potential rates for provides this an given the flexibility hedge power power,
other will Cipher the reiterating my of some of Mining portion against position our key by strength I miners. bitcoin statistics close relative show of that call
second, price roughly per efficient of in kilowatt hour. our per rigs and average per approximately XX,XXX an of $X.XX our price weighted paid $XX.XX terahash is average order, fleet power installed about we For very on
this market Cipher's I'd In bitcoin to profile. strong again liquidity for miners, emphasize tough like
cash we competitors to $XX November mining of and had do not (ph) rig some debt have are As payments of our owes no obligations balance that to XXX experiencing make service manufacturers. X, million our and on we have bitcoin approximately further We additional the sheet. any of
a $XXX our equity the As at third prudent part we of the put sheet place market million balance in management, liquidity in quarter, also shelf. and
We and profile combine we in current our true have the Cipher to shelf. And this When sell single as to of our a as share share bitcoin strong with leader market tapping positioned expanding price liquidity operations at from yet challenging from anticipate you mining now, economics, is the emerge the unit we believe don't space. levels.
to to Financial Ed like Chief I'd our over Officer, turn Now it Farrel.
