The Mining Pod | Blockspace Media Cipher Mining’s AI Play w/ Tyler Page and Chris Totin
Jun 3, 2025
Tyler Page, CEO of Cipher Mining and Wall Street veteran, and Chris Totin, former construction lead for Google, share exciting insights into Cipher's shift towards hybrid AI and HPC data centers. They discuss SoftBank’s $50M investment and the strategic benefits of integrating Bitcoin mining with AI workloads. The duo dives into the challenges of designing flexible data centers and the future of mining in a rapidly evolving tech landscape. With costs as low as 2.7 cents/kWh, Cipher is poised to lead in innovative mining solutions.
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Tyler and Chris's Unique Paths
- Tyler Page and Chris Totin share their backgrounds leading to their roles at Cypher Mining.
- Tyler has Wall Street and bitcoin experience; Chris has extensive data center and construction expertise.
Capital Strategy in Bitcoin Mining
- Bitcoin mining capital structures often rely heavily on equity due to difficulty accessing debt.
- Cypher opts for a conservative approach, focusing on low electricity costs and operational discipline.
Bitcoin Treasury Management Strategy
- Sell Bitcoin production to cover operating costs and build cash reserves.
- Hedge a portion of Bitcoin holdings to balance risk and reward, emulating mature commodity producers.