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      "text": "Source: Cipher Mining management. Note: Based upon BTC price increases from $25k to $50k from 2021E to 2025E; EBITDA is a non-GAAP financial measure; EBITDA defined as net earnings (loss) before interest expense, income tax expense (benefit), depreciation and amortization; EBITDA margin defined as EBITDA / revenue; FCF conversion calculated as (EBITDA - Capex) / EBITDA",
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