THE MINING POD: Cipher Mining’s AI Play w/ Tyler Page and Chris Totin
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 3 June 2025
⏱️ 55 minutes
🧾️ Download transcript
Summary
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.
**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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Transcript
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| 0:49.7 | Hey, welcome back to the mining pot, y'all. We've got Tylerler page CEO of cipher and we've got chris toten |
| 0:55.5 | the chief construction officer of cypher on we're recording this live from bitcoin 2025 in las vegas |
| 1:01.6 | if you're here you know the vibes are insane it's a place for trouble maybe not the best place to have a |
| 1:06.8 | bitcoin conference at an all-time high but also also maybe the best place. It just depends on |
| 1:10.8 | how much people decide to lose at the craps table, you know? Today's show is brought to you by |
| 1:15.7 | fractal Bitcoin, but we'll learn more about them later in the show. For now, let's get right into it. |
| 1:22.7 | Just to start, can you give our listeners a little bit of backgrounds on yourself and Cypher. I'll start with you, Tyler, and then we'll move to you, Chris. Sure. So, myself, Tyler Page and the CEO |
| 1:32.7 | and founder of Cypher, prior to this, I had a Wall Street career on the sell side and by side. |
| 1:39.7 | I was a day one employee at Nidig, so got full-time professional in Bitcoin in 2017. |
| 1:47.5 | And then Cypher was my sort of second large company, 4A in the space. |
| 1:52.0 | We started Cypher in 2021, went public on NASDAQ as really a Greenfield development company. |
| 2:00.4 | And among the large public |
... |
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