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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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  "pageNumber": 30,
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  "density": "dense",
  "nDataPoints": 48,
  "notes": "The chart illustrates the J-curve effect of capital-intensive mining operations.",
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      "kind": "chart",
      "text": "EBITDA and Capex bars over time",
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      "text": "Cumulative Free Cash Flow line",
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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) Free Cash Flow = EBITDA - Capex, EBITDA defined as net earnings (loss) before interest expense, income tax expense (benefit), depreciation and amortization",
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      "text": "Illustrative EBITDA, Capex, and Cumulative Free Cash Flow, with BTC increasing from $25K in 2021 to $50K in 2025 (1) ($ in millions)",
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      "kind": "title",
      "text": "Strong Return on Capital Investment",
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