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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",
  "orientation": "landscape",
  "aspectRatio": 1.4457831,
  "pageNumber": 53,
  "pageCount": 55,
  "prevPage": 52,
  "nextPage": 54,
  "slideType": "why_now",
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  "density": "dense",
  "nDataPoints": 6,
  "notes": "The chart uses a logarithmic scale to visualize long-term price growth alongside three specific halving events.",
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  "slideHref": "/slides/019de070-cdb6-765d-ba2a-bbce4f399b27/53",
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      "kind": "chart",
      "text": "Bitcoin price chart on a logarithmic scale with vertical lines marking halving events.",
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      "kind": "disclaimer",
      "text": "Source: Cipher Mining management and Coin Metrics. Note: Bitcoin market data as of 1/15/21",
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      "kind": "legend",
      "text": "1st Halving: Block Reward 50 -> 25; 2nd Halving: Block Reward 25 -> 12.5; 3rd Halving: Block Reward 12.5 -> 6.25",
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      "kind": "list",
      "text": "Following each halving, Bitcoin miners receive half the Bitcoin per block mined. Halving will occur until 2140, when Bitcoin outstanding will reach its maximum of 21 million. Bitcoin mining block rewards have halved twice prior to May 2020.",
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      "kind": "title",
      "text": "Bitcoin Halvings Have Led to Dramatic Price Increases",
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      "kind": "title",
      "text": "Halving Drives Bitcoin Scarcity",
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      "evidence": "The slide argues that halving events (cause) lead to scarcity and price increases (effect).",
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      "name": "Why Now",
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      "evidence": "Slide 53 presents the impact of the halving on Bitcoin scarcity.",
      "position": 1,
      "objective": "Halving drives Bitcoin scarcity",
      "structure": "The Context (Trends) -> The Trigger Event -> The Window of Opportunity",
      "confidence": 0.7,
      "description": "Create temporal urgency by proving that the window of opportunity is opening or closing"
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