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Cipher Mining

Category: AI Infrastructure

An industrial-scale data center company that develops and operates infrastructure for Bitcoin mining and high-performance computing (HPC) services. Cipher Mining was founded in 2021. The company is led by Tyler Page. Based in New York, USA. Team size: 11-50. Total funding raised: Went public via a SPAC merger with Good Works Acquisition Corp (including a $425M PIPE); announced proposed $800M private offering of convertible senior notes.. Latest round: Convertible Note. Key investors include Fidelity Management & Research Company, Counterpoint Global (Morgan Stanley), Bitfury Group.

Founded
2021
Headquarters
New York, USA
Team size
11-50
Total funding
Went public via a SPAC merger with Good Works Acquisition Corp (including a $425M PIPE); announced proposed $800M private offering of convertible senior notes.

Value proposition

Providing low-cost, energy-efficient, and industrial-scale data center capacity for both Bitcoin mining and high-performance computing, enabling customers to scale their operations effectively.

Products and solutions

Bitcoin Mining Operations, High-Performance Computing (HPC) and AI Cloud Hosting

Unique value

Cipher Mining's uniqueness lies in its dual-purpose strategy of building data centers that can pivot between Bitcoin mining and high-demand AI/HPC hosting, allowing it to adapt to market changes and maximize profitability.

Target customer

The Bitcoin ecosystem (for mining operations) and companies requiring large-scale, high-performance computing for AI and other intensive workloads.

Industries served

Cryptocurrency, Artificial Intelligence, Data Centers

Technology advantage

Securing access to low-cost power and deploying energy-efficient hardware and data center architectures to maintain low operating costs across mining and HPC workloads.

How they differentiate

Focus on securing low-cost power for profitable Bitcoin mining while expanding into AI/HPC hosting to diversify revenue streams.

Main competitors

Marathon Digital Holdings, Riot Platforms, CleanSpark

Key partnerships

Fluidstack (10-year, $3B AI hosting agreement), Google (backstopping Fluidstack's obligations and taking an equity stake), WindHQ (joint ventures for data center development), Canaan Inc. (supplier of mining hardware)

Notable customers

Fluidstack

Major milestones

Became a publicly traded company through a SPAC merger with Good Works Acquisition Corp., Secured a $3 billion, 10-year AI hosting agreement with Fluidstack, backed by Google., Completed the first phase of its Black Pearl mining facility., Announced a proposed $800 million private offering of convertible senior notes to fund expansion.

Growth metrics

Operational capacity growth to a self-mining hashrate of over 6.0 EH/s; first phase of Black Pearl delivering ~3.4 EH/s; development pipeline of ~2.4 GW of power capacity.

Market positioning

Positioning as an industrial-scale data center operator for both Bitcoin mining and HPC infrastructure, bolstered by strategic partnerships (e.g., Fluidstack/Google).

Geographic focus

Primarily United States, with significant operations in Texas (including Odessa facilities).

Patents and IP

Information regarding specific patents or IP is not publicly available; competitive advantage appears rooted in operational efficiency, site selection, and design rather than disclosed patents.

About Tyler Page

Previously served as the Head of Business Development for Stone Ridge Asset Management, the parent company of NYDIG. He has a background in quantitative finance and has held roles at institutions like Goldman Sachs.

Official website: