2025 expected fleet efficiency
Company: Cipher Mining
What the later record shows
Delivered on time · happened June 30, 2025
Cipher reported self-mining fleet efficiency of ~20.8 J/TH in Q2 2025, better than the ~22.0 J/TH 2025 expectation. Later site data show ~17.6 J/TH at Odessa and ~13.9 J/TH at Black Pearl.
“~20.8 J/TH Q2 2025 SELF-MINING FLEET EFFICIENCY ~16.8 J/TH Q3 2025”
2025-08-06 · cipher-mining 8-K exhibit (ciphermining_businessupd.htm) View cached copy (2026-10-08)Live source ↗
“150 MW Total Operating Power Capacity ~13.9 J/TH Fleet Efficiency ~10.1 EH/s Total Operating Hashrate”
2025-11-02 · cipher-mining 8-K exhibit (ciphermining_businessupd.htm) View cached copy (2026-09-27)Live source ↗
Checked November 10, 2026 against filings, releases and reporting published after the claim was made. Quotes are verbatim from the linked documents.
The claim, verbatim
Cipher expected fleet efficiency of about 22.0 J/TH in 2025, compared with about 29.9 J/TH for the current operating fleet. This assumes contracted rigs and the full Bitmain T21 purchase option are energized.
Source (primary)
cipher-mining 8-K exhibit (cifr-ex99_2.htm) (SEC EDGAR (8-K Ex), press_release)
View cached copy (2026-11-09)Live source ↗
Quote: “~22.0 J/TH2025 Expected Fleet Efficiency”
How we checked this
Checked on November 11, 2026. The cited source supports every part of this claim.
The presentation gives both efficiency figures, and its footnote lists the contracted rigs and full Bitmain T21 purchase option among the assumptions behind the 2025 figure. The footnote also assumes implementation of software, which the claim does not mention but which does not contradict it.
Confirmed in the source:
- Cipher expected fleet efficiency of about 22.0 J/TH in 2025.
- Cipher reported current operating fleet efficiency of about 29.9 J/TH.
- The 2025 efficiency figure assumes energization of contracted rigs and hardware and of the full Bitmain T21 purchase option.
What we did: Read our cached copy of SEC EDGAR (8-K Ex) (https://www.sec.gov/Archives/edgar/data/1819989/000095017024025393/cifr-ex99_2.htm) in full (20,368 characters, retrieved November 9, 2026) and checked each assertion in the claim against it.
Additional evidence
confirms cipher-mining 8-K exhibit (cifr-ex99_2.htm)
Quote: “~22.0 J/TH2025 Expected Fleet Efficiency”
confirms cipher-mining 8-K exhibit (ciphermining_businessupd.htm)
Quote: “150 MW Total Operating Power Capacity ~13.9 J/TH Fleet Efficiency ~10.1 EH/s Total Operating Hashrate”
confirms cipher-mining 8-K exhibit (ciphermining_businessupd.htm)
Quote: “~20.8 J/TH Q2 2025 SELF-MINING FLEET EFFICIENCY ~16.8 J/TH Q3 2025”