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  "documentTitle": "Cipher Mining | Investor Presentation Deck | 12 slides",
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  "authorName": "Cipher Mining",
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  "presentationDate": "2023-03-01 00:00:00",
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  "notes": "The slide uses a value-chain style flow diagram to explain the mining process.",
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      "kind": "diagram",
      "text": "Power Source to Mining Equipment to Bitcoin Network flow",
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      "text": "Data center revenue includes a reward for the block mined, transaction fees, and potential power sales. Average block time is 10 minutes. Block reward based on ratio of data center's computing power. Current block reward is 6.25 bitcoins.",
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      "text": "(1) At certain sites, Cipher can opportunistically elect to use power at data center or sell to the market (2) The block reward is cut in half after every 210,000 blocks are mined (~every 4 years); the latest revision was in May 2020",
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      "text": "Bitcoin Mining Dynamics",
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