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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": "Includes non-GAAP financial measures and specific assumptions regarding hashrate, transaction fees, and power deployment.",
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      "text": "Source: Cipher Mining management. Note: Projections based upon BTC increases from $25k to $50k from 2021E to 2025E; assumes 455 EH/s network hashrate by Dec 2025E; assumes 2.38 BTC transaction fees per block by Dec 2025E; assumes 745MW deployed by Dec 2025E; EBITDA and Free Cash Flow are non-GAAP financial measures. (1) FCF Conversion calculated as (EBITDA – Capex) / EBITDA, EBITDA defined as net earnings (loss) before interest expense, income tax expense (benefit), depreciation and amortization",
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      "text": "Illustrative Selected Financial Projections, with BTC from $25K to $50K",
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