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  "documentTitle": "Cipher Mining | SPAC Presentation Deck | 55 slides",
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  "authorName": "Cipher Mining",
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  "presentationDate": "2021-03-01 00:00:00",
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  "notes": "Includes specific operational details regarding Bitfury partnership and four distinct Bitcoin price sensitivity scenarios.",
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      "text": "Source: Cipher Mining management. (1) Subject to LOIs; (2) Subject to certain de minimis thresholds; (3) 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": "Creation of the largest computational infrastructure for Bitcoin mining globally with total capacity of 745+ MW and computational power of 39.8 EH/s. In its initial build out, the building of four new data centers (greenfield projects) in the U.S., three in Texas and one in Ohio. The greenfield projects are ready for deployment with lease agreements and power purchase agreements already agreed. Two of the three power suppliers will finance a large portion of the capex required for certain infrastructure in exchange for a profit sharing arrangement that will be included in the respective power supply agreements, enhancing the ROI for investors in Cipher Mining. Construction, engineering, operations and other services required to launch and maintain the data centers will be provided by Bitfury on arms' length terms. Bitfury will not compete with mining development projects in the U.S. Bitfury to use commercially reasonable efforts to supply any specialist mining equipment required by Cipher. The mining capacity will be deployed in an initial first phase, and a second phase of 100 MW per year beginning in 2023E. Flexibility on transaction timeline and capacity deployment for the further investment. Financial projections, including revenue, gross profit, EBITDA and Free Cash Flow, sensitized around four possible Bitcoin price scenarios over the next five years: Base case of $25K trending up to 50K by 2025E, price increases ~$5K per annum; Downside case of $25K trending down to $12.5K by 2025E, price decreases ~$2.5K per annum; Flat case of price staying constant at $25K through 2025E; Upside case of $25K trending up to $100K by 2025E, price increases ~$15K per annum.",
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