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  "documentTitle": "Cipher Mining | SPAC Presentation Deck | 55 slides",
  "authorId": "cipher-mining",
  "authorName": "Cipher Mining",
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  "presentationDate": "2021-03-01 00:00:00",
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  "notes": "The slide uses a process flow diagram to explain the economics of Bitcoin mining.",
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      "kind": "diagram",
      "text": "Flow from Power Source to Mining Equipment to Bitcoin Network",
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      "text": "Source: Cipher Mining management. (1) Range represents BTC price increase from $25K in 2021E to $50K or $100K in 2025E. (2) The block reward is cut in half after every 210,000 blocks are mined (~every 4 years); the latest revision was in May 2020",
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      "text": "Bitcoin Mining Dynamics: Data center revenue consists of a reward for the block mined and a transaction fee; Average block time is 10 minutes; Block reward based on ratio of data center’s computing power; Current block reward 6.25 BTC; Transaction fees.",
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      "text": "$13bn - $25+ bn Annual Bitcoin Mining Network Revenue by 2025E",
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      "kind": "title",
      "text": "Business Model Overview",
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