Summary by Moomoo AI
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
