before We’ve those, quarter, we Josh. Hi, very delighted Thank Cipher updates much few are of I’d quarter accomplishments.During Tyler through joining significant exciting we but QX growth third is CEO to our call. our walk Page, you spend on like Thanks the got this milestones. that for we several XXXX business Mining. recent third a some announce, to update and reached minutes
Odessa Center, all our capacity industry. our among portfolio roughly of our With and initial the now we With cost in electricity we the up entire of at completion sites lowest Data is is hour of portfolio. X.X have the second of energized of across through fixed price self-mining per approximately running, per XX% believe exahash our achieved four kilowatt price $X.XXX power a and
our our that of major completed, is growth next our is driver am majority economics.And embark key operating a phase best-in-class happy I the low represents electricity to very of our the will story of costs, the reminder, that a As of chapter now report on soon and first unit price we expansion.
as Texas-based ourselves minimum as megawatts or of most long power our site, pay on for I It on prudently right announce interconnection incremental in called take calls, the of that and and pace Cipher, have the to prided current it reviewing bitcoin Black intend are stated center to several with sales combination out likely right ERCOT with our months an industry. our our but the conditions acquire to the build build-out a the of a to site option our the the generated the Pearl, bitcoin attractive cyclical currently company. market past looking deciding approval is no equity data that have bitcoin for from obligations have XXX is delighted meter new have to that greenfield time, We deals just we for of we Pearl. nature fund on the we update a for megawatts the to to at-the-market up that front data site conditional been hope Note are mining managing purchasing many well build nature operations we the At of most one.Black XXXX. schedule.We extent to amount inventory make last full a center agreed bring from of or in we at deem appropriate as we shelf the build will will ongoing appropriate. mining stages the online intention It the that XXX patiently few due business over And have for cash we is one. from equity
services data also supplemental per hope generate grid announce for the consider lenders, help are stability ERCOT operations the our in we other purchased exahash of recently growth, with XXXX. of and SXX price. to well to in is acquire Bitmain’s financing market debt the first edge back in pleased cycle was our continue in be center terahash, from at to I’m scheduled as discussions when machines latest cutting will favorable with our delivered the revenues need.Continuing half efficient, as very to using X.X investing intend opportunities.Once center per by This to providing to the built, which of second optimizing opportunity ongoing of also an We construction we equipment capacity great participate in theme and a data timing to and that rigs we $XX times generation ancillary
at process being existing in or repaired attractive as opportunities as service growth machines operations cycle approval connection our us them sites, we’ve our At least current upgrade they for we at progress have in into supplemental previous talked our arrive, allow by our to make organic rigs.Finally, machines are replace in the these either Odessa Our that of plan significantly. for the swapping that efficient continued and to ERCOT will well. that received about increase a to quarters recently targeted Alborz, grid front we on uptime and is operational
the and XXXX.We feed in be of are We we excited pivot production for sense bull the what On in months company in advance of highlight Page and and potential to we indicators we to of should expect let’s be this next growth, give years a to current the we an as on These expanding in the growth hope of term. the end of X, come.Now our and inflection the key you to the we the current at point some medium are performance half specifics stage important metrics and to of hope first near back a will of turn as business. for state place market to investing over October. be the see bitcoin
contract the have the to potential the X.X per per of XX.X rate a the Our mining acquisition under of of second.With second X.X expand Black XXXX. now exahash end Bitmain exahash to service the with or exahash we rigs, second total new of is per we current capacity have by addition in hash and self Pearl,
bottom can of and reflect the growth numbers, On over past current of our slide year-to-date this of which production you some quarters. the the production our see several
can into every some our often middle quarter-over-quarter. CapEx manage treasury insight how give fund we by expenses operating our philosophy. see which We KPIs We management bitcoin page held, asked treasury bitcoin our to inventory.In you has the our the and bitcoin month enough commitments. existing These selling bitcoin are approach our about generally risen of
take in Beyond to business like equipment, inventory to our greater believe works. expansion or us those to bitcoin everyone gives sales, a build treasury that remind to quarter sell choose hold our the says where business in bitcoin time, model in balance. excess our high that with mining options, overview also bitcoin or rigs. operate centers monthly data generation flexibility alternatives advantage invest inventory X bitcoin is mining other less a which cash our periods We hedge of to flow include over the may the but middle to our each financing box our we opportunities, to attractive.Slide free It’s dollars we growth futures drawing that how we our mining build overall opportunities represents goal level are to more of of for and to
a into similar centers, sell the we centers operating As spend which and company of output. data a which majority I a capital spends electricity, output to hashrate computing expenses called our their model computing to on output, computing discussed model convert for traditional needs data its Unlike our data build operate centers, equipment. both lower specific on sells make be profitably, electricity bitcoin been producer, cost Cipher it and its dollars, mining bitcoins.To to operate the to purchase Cipher a produce mining does and this gives the is spends costs has sense these valuable. business Controlling focus our what controlling business.Cipher, straightforward to our hopefully a have including to costs always additional mining illustration it however, best miner possible you to enables these an that at bitcoin to unit a incredibly element good economics. for clients control enterprise the network bitcoin of earlier, That
sell to the power grid. ability back have to We the
which Power and for at Much many to steady headlines which doesn’t Page four of against ETF in some of backdrop, let’s also Our in has continues of news quarter, feature mixed flow Spot That over X, dramatic upside exist Purchase also a revenue gives to speculation a high an turn rate, streams all-time combination as like optionality our recent Bitcoin seen hash last economics.We events. downside to risk bitcoin market their manufacturers But SEC. miners.Now, that driven there machines, well to by improvements on been as rally level, positive to climb close been a rig last next-generation us seen Agreement the we’ve bitcoin protection have the bitcoin a approval look $XX,XXX. the recent has miners the to has from in speculating overall suppress current overall bitcoin The price this announcements the network months. mining efficiency. for
past, the time pricing in been announced announcements paired While very pricing have new typically of premium manufacturers have aggressive the this new with arrangements dynamics. rigs
X, many in the than of and XXXX. other be when bull rigs backdrop, Cipher market, with we will at center vital prices. electricity paid data rig and bitcoin through cost current our Against at pricing bitcoin multiples the mining focused efficient cheap.In data September, many optimizing all-in last the a miner new and average of is sites have Slide a higher overview give like power toward and $X,XXX assets head on acquire pricing trading we pricing facets prudent having business, Year-to-date acquiring lows, market rigs per we centers. bitcoin portfolio production.On as use can this our produced. cyclical, were of cyclical is mining As rigs an
and economics. proud very it are our of We unit best-in-class drives this number,
quarter. have current industry. the the we of can it Slide slide our completed our XX% to the of of approximately a of respective some will production. hash a production sites. significant that point is side facility the a gives Odessa opportunity as turn all-in costs facility The the through Power On lowest clearly our cost along at the left potential current fixed of Odessa centers, a see is our rate of Agreement the site. side the the right slide with additional Purchase bitcoin the Cipher bitcoin portfolio of power On XXXX.At represents well X third with data illustration as by you a price picture you per graphic this in wholly-owned most the growth in on as you four and our we of part snapshot Odessa electricity five-year chart
independent power is of alone. the the third contract As reporting valuation sense value represented quarter of give began much we third to a year a last in how party investors
per we generated As remarks.At will always, September, megawatts. X.X in exahash end about second approximately more using approximately XXX talk at the the site his it Ed of
bitcoins mined We have XX.X bitcoins through approximately site day. at daily and per capacity had a recent roughly October X,XXX the maximum XX mining of
of now believe hosting and the XX with is We capacity Day is we of Slide total wind Investor complete.On powers Odessa rigs. is site second a our approximately center, Alborz wind Alborz powered which site. has roughly of show exahash X.X can megawatts data per when was market that showcasing approximately truly of a resilient team XXX bitcoin year-to-date low and is X bitcoin protection next from in X.X site Cipher.Most a conditions of blows. build-out through we day be all-in megawatts and has joint-venture maximum current by capacity and October per Alborz cost our XX. highlights belong provider. per electricity that at the and mine mined Roughly look unique the picture to at Alborz to and half importantly, site the operating It $X,XXX, XX setup. roughly will we a total year-to-date, energy an cost operations the forward bitcoin our that That currently XXX% a demonstrating share our week
Chief economics second to exahash bitcoins X.X as have meter which increase with to feature power XX Texas We operational in with in arrangement Alborz centers. per wind ventures which a the the sites, market us arrangements, the Combined, working power supplement can generate conditions. from equipment of front that the the the market Chief generate are sites highlights which we allow uptime shared a Alborz.Unlike at the typically more at operate data first and set up similar existing joint in at shows attractive Bear approximately meter X.XX per are Chief would prices. connection, site, and and other also our hope in half bitcoin and to that production structured two grid roughly of XX XXXX.Slide are Bear location and and our have megawatts, day features behind current to Bear in our place and
over Farrell. all-in Our cost Ed at approximately per our turn electricity Financial the sites Officer, it was $XX,XXX.Now, combined bitcoin to I’ll Chief year-to-date,