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  "docSlug": "60a982ce43bb67c6592572647318f263",
  "documentTitle": "Cipher Mining | SPAC Presentation Deck | 55 slides",
  "authorId": "cipher-mining",
  "authorName": "Cipher Mining",
  "documentKindSlug": "pitchdeck",
  "documentKindLabel": "Pitch deck",
  "sourceTypeSlug": "investment_bank",
  "sourceTypeLabel": "Investment bank",
  "presentationDate": "2021-03-01 00:00:00",
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  "pageNumber": 43,
  "pageCount": 55,
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  "slideType": "revenue_buildup",
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  "density": "overcrowded",
  "nDataPoints": 45,
  "notes": "The chart shows a clear shift in revenue composition as transaction fees become a larger percentage of total revenue over time.",
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      "kind": "chart",
      "text": "Illustrative Revenue from Transaction Fees and Bitcoin Mined, in Base Case of BTC to $50K",
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      "text": "Projected revenue is earned from both the block reward and the transaction fees\nAs the total number of Bitcoin available to mine declines over time, the transaction fees will become the main incentive driver for miners\nAs use of the Bitcoin network expands, Cipher Mining will be well positioned to command an increasing portion of the network fees\nFor Cipher Mining, the % of revenue expected to come from transaction fees increases from 7% in 2021E to 40% in 2025E for the base case",
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      "kind": "source-note",
      "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",
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      "kind": "table",
      "text": "Transaction Fees as % of Revenue",
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      "kind": "title",
      "text": "Strong Ability to Capture Transaction Fees",
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      "kind": "title",
      "text": "Expected Increasing Importance of Transaction Fees",
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