THE MINING POD: Cipher Mining’s AI Play w/ Tyler Page and Chris Totin

CoinDesk Podcast Network

Cipher Mining’s CEO Tyler Page and CCO Chris Totin join to discuss the company’s dive into AI and HPC infrastructure.

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Welcome back to The Mining Pod! Today, Tyler Page (CEO) and Chris Totin (CCO) from Cipher Mining join us to talk about their strategic pivot from pure-play bitcoin mining to hybrid approach with AI/HPC data centers, SoftBank's $50M investment, the ins-and-outs of building HPC data centers, and why they're betting big on the convergence of bitcoin mining and artificial intelligence workloads.

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**Notes:**

• Cipher has 2.7 cents/kWh electricity costs

• SoftBank invested $50M in Cipher through private placement

• Barber Lake site: 300MW capacity with substation

• Texas has 397GW generation in queue over 5 years

• Construction workforce growing only 1% annually

Timestamps:

00:00 Start

00:33 Intro Tyler

01:44 Intro Chris

03:55 Access to capital

06:43 Debt financing

10:37 Selling BTC for operations

16:29 Barber Lake update

20:24 Agnostic greenfield site design

25:02 HPC vs mining design challenges

31:49 Stingray

34:32 Finding facility buyers

37:01 Softbank

39:47 Greenfield vs retrofit

45:15 Are all miners flipping to HPC?

48:47 Hybrid sites

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