Cipher Mining Announces 60 MW Expansion of its Bear and Chief Joint Venture Data Centers and Purchase of 16,700 New Miners from Canaan Inc.

Cipher Mining Inc. (NASDAQ: CIFR) (“Cipher”), a leading developer and operator of bitcoin mining data centers, announced today that Bear LLC and Chief Mountain LLC, the joint venture entities in which Cipher holds 49% interests, have entered into agreements with Canaan to purchase 16,700 units of the latest generation Avalon A1466 miners for delivery in the second quarter of 2024. Cipher and its joint venture partner plan to install half of these miners at the Bear facility and half at the Chief facility, representing an expansion of ~30 MW, or ~1.25 EH/s, at each data center. Payment terms allow Bear LLC and Chief Mountain LLC to deliver up to 30% of the total consideration in the 90 days after delivery.