2024

Cipher

Bitcoin

<a href="https://ultramining.com/news/en/cipher-mining-thrives-eyes-increased-market-share/">Cipher</a> Mining, a U.S.-based Bitcoin mining company, posted a net loss of $15 million for the second quarter of 2024, slightly higher than the $13.2 million loss recorded in the same period last year. Despite the growing losses, the company saw substantial improvements in its financial position and operational capacity, according to <a href="https://www.theblock.co/post/310997/bitcoin-miner-cipher-sees-growing-net-losses-revenues-and-cash-on-hand-in-q2">Theblock</a>. 
Revenue for the quarter increased to $36.81 million, up from $31.22 million a year earlier, while the cost of revenue decreased to $14.28 million from $15.87 million. Cipher’s cash reserves also grew significantly, reaching $122.56 million by the end of Q2, up from $86.11 million at the close of 2023. This boost in cash was largely due to the issuance of $163.28 million in common stock. 
Cipher's current <a href="https://ultramining.com/news/en/impending-bitcoin-halving-may-trigger-major-hashrate-decline-say-experts/">hashrate</a> stands at approximately 8.7 exahashes per second (EH/s), with plans to expand to 13.5 EH/s by the end of 2024 and 35.0 EH/s by the end of 2025. The expansion is supported by the recent acquisition of three new energy sites with a combined power capacity of 1.5 gigawatts. 
Looking ahead, Cipher is focusing on balancing its Bitcoin mining operations with the development of high-performance computing (HPC) infrastructure, which the company believes will complement its core business and drive long-term shareholder value. At the time of publication, Cipher's stock (CIFR) had risen by 2.1% to $4.02 per share.

Cipher Mining Posts $15M Net Loss in Q2 2024

Ultramining_Eng

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