Cipher Mining Reports Q2 2024 Financials

Cipher Mining (ticker: CIFR), the U.S.-based publicly-traded bitcoin miner, reported a net loss of $15 million for Q2 2024, slightly higher than last year’s $13.2 million net loss.

Despite the growing losses, the firm saw increases in revenues, cash on hand, and power supply year-over-year. Its Q2 revenue rose to $36.81 million, up from $31.22 million during the same period last year, while the cost of revenue decreased to $14.28 million, from $15.87 million.

The company’s cash and cash equivalents reached $122.56 million, a significant increase from $86.11 million at the end of 2023, driven by the issuance of $163.28 million worth of common stock.

Cipher also reported a current hashrate of approximately 8.7 EH/s, with targets to reach 13.5 EH/s by the end of 2024 and 35.0 EH/s by the end of 2025 after signing a deal for three new energy sites with a power capacity of 1.5 GW.

Like many crypto miners post-Bitcoin halving in April, Cipher is expanding its capacity and entering the high-performance computing sector.

CEO Tyler Page stated, “We expect developing HPC infrastructure will complement our bitcoin mining business, enabling us to balance both lines and drive significant shareholder value for years to come.”

CIFR stock is up 2.1% to $4.02 per share at publication time.