Cipher Mining, a technology company focused on bitcoin mining, reported financial and operational results for the quarter ended June 30, 2024. The company's bitcoin mining operations at the Odessa Facility produced 558 bitcoin, generating $36.8 million in revenue at an average price per bitcoin of approximately $65.9 thousand. This represents an increase from the 1,112 bitcoin mined in the same period of the previous year, which generated $31.2 million at an average price of $28.1 thousand per bitcoin. The rise in revenue was attributed to higher bitcoin prices, despite a decrease in the number of bitcoins mined due to the halving event in April 2024. Cost of revenue decreased to $14.3 million from $15.9 million year-over-year, primarily due to lower power costs. The company recorded a net loss...Show More

Cipher Mining, a technology company focused on bitcoin mining, reported financial and operational results for the quarter ended June 30, 2024. The company's bitcoin mining operations at the Odessa Facility produced 558 bitcoin, generating $36.8 million in revenue at an average price per bitcoin of approximately $65.9 thousand. This represents an increase from the 1,112 bitcoin mined in the same period of the previous year, which generated $31.2 million at an average price of $28.1 thousand per bitcoin. The rise in revenue was attributed to higher bitcoin prices, despite a decrease in the number of bitcoins mined due to the halving event in April 2024. Cost of revenue decreased to $14.3 million from $15.9 million year-over-year, primarily due to lower power costs. The company recorded a net loss of $15.3 million for the quarter, compared to a net loss of $13.2 million in the previous year. The loss was influenced by a $16.3 million loss on the fair value of bitcoin, driven by an increase in bitcoin inventory and declining prices over the quarter. Cipher Mining's total assets included significant holdings in bitcoin and a derivative asset related to the Luminant Power Agreement, valued at $32,978 and $93,591 respectively. The company's future plans include expanding its bitcoin mining business by developing additional data centers, expanding current facilities, and exploring joint ventures and other arrangements. Cipher Mining has not drawn upon its $10 million credit facility with Coinbase Credit, Inc. as of June 30, 2024, and believes its financial resources and projected cash inflows will meet operating and capital requirements for at least 12 months from the financial statement issue date.