What Does Cipher Mining (CIFR) Do?
Cipher Mining Inc (NASDAQ: CIFR) is an emerging technology company operating within the U.S. Bitcoin mining ecosystem. The company specializes in developing cryptocurrency mining operations focused exclusively on Bitcoin. Through its strategic infrastructure expansion, Cipher Mining plays a vital role in strengthening Bitcoin network operations across the United States.
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Key Business Focus Areas:
- Bitcoin Mining Operations: Industrial-scale cryptocurrency production
- Infrastructure Development: Building robust mining facilities
- Network Security: Contributing to blockchain validation and security
- Energy Efficiency: Implementing sustainable mining practices
Corporate Background and Leadership
Executive Team:
| Name | Position | Compensation (USD) |
|---|---|---|
| Rodney Tyler Page | CEO & Director | 17,347,700 |
| William Iwaschuk | Co-President & Chief Legal Officer | 5,775,400 |
| Patrick Kelly | Co-President & COO | 5,784,000 |
| Edward Farrell | CFO | 4,792,500 |
Board of Directors:
- Dr. James E. Newsome (Chairman)
- Holly Morrow Evans
- Caitlin Long
- Wesley Williams
- Robert Flatley
- Cary M. Grossman
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Financial Snapshot (as of July 2023)
Stock Performance:
- Current Price: $6.05
- 52-Week Range: $1.86 - $7.99
- Market Cap: $371M
- P/E Ratio: N/A (Currently unprofitable)
- Shares Outstanding: 213M
Trading Statistics:
- Volume: 49.9M shares
- Beta: 3.03
- Institutional Ownership: 23.4%
Frequently Asked Questions
Q: When was Cipher Mining founded?
A: The company was established in 2021 and went public on December 7, 2020 through a SPAC merger.
Q: Where is Cipher Mining headquartered?
A: Their corporate offices are located at 1 Vanderbilt Avenue in New York City.
Q: How many employees does Cipher Mining have?
A: As of latest reports, the company employs 43 staff members.
Q: What makes Cipher Mining unique among Bitcoin miners?
A: Their focus on U.S.-based infrastructure development and commitment to sustainable mining practices sets them apart.
Q: Is Cipher Mining currently profitable?
A: The company is currently in growth phase and not yet profitable, as typical with emerging mining operations.
Future Outlook and Industry Position
Cipher Mining represents an intriguing investment opportunity in the rapidly evolving cryptocurrency mining sector. With its strategic U.S. focus and experienced leadership team, the company is well-positioned to capitalize on growing institutional interest in Bitcoin infrastructure.
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Note: All financial data current as of July 2023. Always conduct your own research before making investment decisions.