Infrastructure • August 13, 2024, 2:59PM EDT
Published 1 minute earlier on
Quick Take
- Cipher Mining reported a net loss of $15 million for the second quarter of 2024, slightly higher than the $13.2 million net loss it saw in the same quarter last year.
- The company’s cash and cash equivalents stood at $122.56 million, a significant increase from $86.11 million at the end of 2023, largely driven by the issuance of $163.28 million worth of common stock.
Cipher Mining (ticker: CIFR), the U.S.-based publicly-traded bitcoin miner, reported a net loss of $15 million for the second quarter of 2024, slightly higher than the net loss it posted $13.2 million in the same quarter last year. Despite growing losses, the firm’s revenues, cash on hand and power supply have also increased year-over-year. Its second-quarter revenue jumped to $36.81 million from $31.22 million during the same period last year while its cost of revenue fell to $14.28 million from $15.87 million. The company's cash and cash equivalents stood at $122.56 million, a significant increase from $86.11 million at the end of 2023, largely driven by the issuance of $163.28 million worth of common stock. Cipher also reported a current hashrate of approximately 8.7 EH/s, with targets to reach 13.5 EH/s by the end of 2024 and 35.0 EH/s by the end of 2025 after signing a deal to exercise the option to acquire three new energy sites with a cumulative power capacity of 1.5 GW. Like many crypto miners following the Bitcoin halving in April, Cipher is building out its capacity and looking to expand further into the high-performance computing sector. “We expect developing HPC infrastructure will be complementary to our bitcoin mining business and that we can strike the right balance between the two business lines to drive significant shareholder value for many years,” CEO Tyler Page said in a statement. CIFR stock is up 2.1% to $4.02 per share at publication time. Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures. © 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.RELATED INDICES
About Author
Daniel Kuhn is a Senior Journalist and Editor at The Block, where he covers the crypto industry with a particular focus on tech. He previously served as deputy managing editor of opinion/features at CoinDesk. He first appeared in print in Financial Planning, a trade publication magazine. Before journalism, he studied philosophy as an undergrad, English literature in graduate school and business and economic reporting at an NYU professional program. You can connect with him on Twitter and Telegram @danielgkuhn or find him on Urbit as ~dorrys-lonreb.