Summary by Moomoo AI
Cipher Mining reported Q3 2024 revenue of $24.1M, down from $30.3M in Q3 2023, primarily due to the Bitcoin halving event in April 2024. The company recorded a net loss of $86.8M compared to $18.6M loss in the prior year quarter. Operating expenses increased to $115.5M, largely driven by a $48.5M loss from change in derivative asset value and increased depreciation costs.The company maintained strong operational growth, operating an aggregate hashrate capacity of approximately 11.5 EH/s utilizing 327 MW of electricity as of September 30, 2024. During the quarter, Cipher Mining expanded its infrastructure by purchasing the Barber Lake Facility in Colorado City, TX for up to 300 MW capacity development. The company also strengthened its financial position by raising $61.3M through at-the-market stock offerings.Looking ahead, Cipher Mining continues to execute its growth strategy through data center expansion and fleet upgrades. The company has secured agreements with Bitmain and Canaan for next-generation miners to be delivered in Q4 2024, while maintaining $25.3M in cash and $95.5M in bitcoin on its balance sheet. Management believes existing resources are sufficient to fund operations for at least 12 months.
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