Cipher Mining
🧟 ZombieTrust Size
$200M
Peak Price
$15.00
Current Price
$4.00
Return
-73.0%
Peak Market Cap
$4.0B
What Happened
Cipher Mining went public via SPAC merger with Good Works Acquisition Corp in 2021, riding the Bitcoin mining wave. The company builds and operates Bitcoin mining data centers using primarily renewable energy. Stock peaked at $15 during the crypto bull run but has settled around $4, making it one of the few crypto SPACs still operating.
Cipher Mining was founded to capitalize on industrial-scale Bitcoin mining in the US, merging with Good Works Acquisition Corp in August 2021. The company secured power agreements and built mining facilities across Texas, deploying thousands of ASIC mining rigs.
Unlike many crypto SPACs, Cipher had a straightforward business model: buy mining hardware, secure cheap electricity, mine Bitcoin. The company benefited from the 2021 crypto bull market, with its stock peaking around $15.
The 2022 crypto winter hit hard. Bitcoin's crash from $69K to $16K devastated mining economics. Cipher's stock fell below $2 at its nadir. However, the company managed its balance sheet relatively well, avoiding the bankruptcy that claimed other crypto miners like Core Scientific and Compute North.
As Bitcoin recovered in 2023-2024, Cipher stabilized around $4, making it a rare SPAC survivor in the crypto space. The company continues to expand mining capacity and has pivoted partially toward AI/HPC hosting to diversify revenue. Still down 73% from peak but alive — which counts as a win in SPAC-land.
Projections vs. Reality
Projected Revenue
$500M
What they told investors
Actual Revenue
$150M
What actually happened
Hype-to-Reality Ratio: 3.3x
Key People
Tyler Page
CEO
Former Citigroup executive, leads operations
Jim Fallon
Good Works Acquisition CEO
SPAC sponsor
Timeline
2021-08-27
SPAC merger with Good Works Acquisition closes
2021-11-01
Stock peaks near $15 during crypto bull market
2022-06-01
Crypto winter, Bitcoin crashes, stock falls below $3
2023-01-01
Begins recovery as Bitcoin price rebounds
2024-06-01
Expands into AI/HPC data center hosting
📄 SEC Filings
View all EDGAR filings for Cipher Mining
Risk Scores
Dilution Score
55/100
Insider Profit Index
40/100
Hype-to-Reality Ratio
3.3x
Projected ÷ actual revenue