Cipher Mining Posts $15M Net Loss in Q2 2024

Cipher 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 Theblock.

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 hashrate 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.