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  "documentTitle": "Cipher Mining | SPAC Presentation Deck | 55 slides",
  "authorId": "cipher-mining",
  "authorName": "Cipher Mining",
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  "sourceTypeSlug": "investment_bank",
  "sourceTypeLabel": "Investment bank",
  "presentationDate": "2021-03-01 00:00:00",
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  "notes": "The slide uses a dual-axis line chart to show historical correlation and two bar charts to simulate future performance based on price scenarios.",
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      "kind": "chart",
      "text": "Bitcoin network computational power at different BTC prices",
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      "text": "Monthly Quantity of Bitcoins Reward Received per 745 MW",
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      "text": "Bitcoin Network Computational Power vs. BTC Price",
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      "text": "The amount of blocks that can be mined is pre-set by Bitcoin protocol and is irrespective of network computational power, therefore in periods of low BTC price low-cost producers historically take market share from less-efficient players and maintain economics by increasing the number of blocks mined",
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      "text": "The overall computational power of Bitcoin network is highly correlated with Bitcoin price, and any significant fall in price forces high-cost miners to cease mining which results in proportional decrease of the network power",
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      "text": "Source: Cipher Mining management and Coin Metrics. Note: Bitcoin market data from 1/1/20 to 2/8/21. (1) Hash Rate represents 7-day average; (2) Based on Cipher projections for December 2025E",
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      "text": "Business Model Resilience and Downside Protection against BTC Price Drop",
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