Cipher Mining, a company focused on bitcoin mining and high-performance computing (HPC) hosting, reported financial and operational results for the quarter ended September 30, 2024. During this period, Cipher Mining generated revenue of $24.1 million from bitcoin mining activities, a decrease from the $30.3 million reported in the same quarter of the previous year. This decline was attributed to the halving event in April 2024, which reduced bitcoin block rewards. The company's cost of revenue increased to $15.1 million, up from $13.0 million year-over-year, primarily due to expenses related to fleet upgrades at the Odessa Facility. Operating loss for the quarter was $91.4 million, a significant increase from the $19.1 million loss in the prior year, largely due to a $48.5 million loss in the fair...Show More

Cipher Mining, a company focused on bitcoin mining and high-performance computing (HPC) hosting, reported financial and operational results for the quarter ended September 30, 2024. During this period, Cipher Mining generated revenue of $24.1 million from bitcoin mining activities, a decrease from the $30.3 million reported in the same quarter of the previous year. This decline was attributed to the halving event in April 2024, which reduced bitcoin block rewards. The company's cost of revenue increased to $15.1 million, up from $13.0 million year-over-year, primarily due to expenses related to fleet upgrades at the Odessa Facility. Operating loss for the quarter was $91.4 million, a significant increase from the $19.1 million loss in the prior year, largely due to a $48.5 million loss in the fair value of the derivative asset related to the Luminant Power Agreement. Cipher Mining's net loss for the quarter was $86.8 million, compared to an $18.6 million loss in the same period last year. The company's cash and cash equivalents stood at $25.3 million as of September 30, 2024. In terms of business development, Cipher Mining operates four bitcoin mining data centers in Texas and has plans to develop additional facilities, including the Black Pearl Facility and the Barber Lake Facility, with a combined potential capacity of 600 MW. The company also acquired options for up to 1.5 GW of additional sites in Texas. Cipher Mining's future plans include expanding its industrial-scale data centers for bitcoin mining and HPC hosting, as well as developing its treasury management platform and pursuing strategic arrangements such as joint ventures and software licensing agreements.