Cipher Mining Provides Second Quarter 2024 Business Update
12 min read
Cipher Mining Inc. (NASDAQ: CIFR) provided its Q2 2024 business update, highlighting significant growth plans and operational progress. The company currently operates at ~8.7 EH/s of self-mining hashrate and aims to reach ~13.5 EH/s by end of 2024 and ~35.0 EH/s by end of 2025. Cipher is expanding its infrastructure with the construction of a 300 MW facility at Black Pearl and the acquisition of the Reveille data center with up to 200 MW capacity. Additionally, they’ve secured an option to acquire 1.5 GW of new sites suitable for both bitcoin mining and HPC data centers. The company reported a Q2 2024 GAAP Net Loss of $15m and a Non-GAAP Adjusted Loss of $3m.
Cipher Mining Inc. (NASDAQ: CIFR) ha fornito un aggiornamento sulle attività per il secondo trimestre del 2024, evidenziando piani di crescita significativi e progressi operativi. Attualmente, l’azienda opera con un hashrate di auto-mining di ~8.7 EH/s e punta a raggiungere ~13.5 EH/s entro la fine del 2024 e ~35.0 EH/s entro la fine del 2025. Cipher sta espandendo la propria infrastruttura con la costruzione di una struttura da 300 MW a Black Pearl e l’acquisizione del data center Reveille con una capacità fino a 200 MW. Inoltre, hanno ottenuto un’opzione per acquistare 1.5 GW di nuovi siti idonei per il mining di bitcoin e data center HPC. L’azienda ha riportato una perdita netta GAAP di $15 milioni nel Q2 2024 e una perdita aggiustata non GAAP di $3 milioni.
Cipher Mining Inc. (NASDAQ: CIFR) proporcionó su actualización empresarial del segundo trimestre de 2024, destacando planes de crecimiento significativos y avances operativos. Actualmente, la empresa opera con un hashrate de auto-minado de ~8.7 EH/s y busca alcanzar ~13.5 EH/s para finales de 2024 y ~35.0 EH/s para finales de 2025. Cipher está expandiendo su infraestructura con la construcción de una instalación de 300 MW en Black Pearl y la adquisición del centro de datos Reveille con una capacidad de hasta 200 MW. Además, han asegurado una opción para adquirir 1.5 GW de nuevos sitios adecuados tanto para la minería de bitcoin como para centros de datos HPC. La empresa reportó una pérdida neta GAAP de $15 millones en el Q2 2024 y una pérdida ajustada no GAAP de $3 millones.
Cipher Mining Inc. (NASDAQ: CIFR)는 2024년 2분기 사업 업데이트를 제공하며, 중요한 성장 계획과 운영 진전을 강조했습니다. 현재 회사는 ~8.7 EH/s의 자체 채굴 해시레이트로 운영되고 있으며 2024년 말까지 ~13.5 EH/s, 2025년 말까지 ~35.0 EH/s에 도달할 계획입니다. Cipher는 Black Pearl에 300 MW 시설을 건설하고, 최대 200 MW 용량의 Reveille 데이터 센터를 인수하여 인프라를 확장하고 있습니다. 또한 비트코인 채굴 및 HPC 데이터 센터에 적합한 1.5 GW의 새로운 사이트 인수를 위한 옵션도 확보했습니다. 회사는 2024년 2분기 GAAP 기준 순손실이 $15백만이다고 보고했으며, 비 GAAP 조정 손실이 $3백만이다고 발표했습니다.
Cipher Mining Inc. (NASDAQ: CIFR) a fourni une mise à jour de ses activités pour le deuxième trimestre 2024, mettant en avant des plans de croissance significatifs et des progrès opérationnels. L’entreprise fonctionne actuellement avec un hashrate de minage autonome de ~8.7 EH/s et vise à atteindre ~13.5 EH/s d’ici fin 2024 et ~35.0 EH/s d’ici fin 2025. Cipher étend son infrastructure avec la construction d’une installation de 300 MW à Black Pearl et l’acquisition du centre de données Reveille d’une capacité allant jusqu’à 200 MW. De plus, ils ont sécurisé une option pour acquérir 1.5 GW de nouveaux sites adaptés à la fois pour le minage de bitcoin et les centres de données HPC. L’entreprise a déclaré une perte nette GAAP de 15 millions de dollars au Q2 2024 et une perte ajustée non GAAP de 3 millions de dollars.
Cipher Mining Inc. (NASDAQ: CIFR) hat sein Geschäftswachstum im zweiten Quartal 2024 aktualisiert und dabei bedeutende Wachstumspläne sowie betriebliche Fortschritte hervorgehoben. Das Unternehmen arbeitet derzeit mit einer ~8.7 EH/s selbstminierenden Hashrate und strebt an, bis Ende 2024 ~13.5 EH/s und bis Ende 2025 ~35.0 EH/s zu erreichen. Cipher erweitert seine Infrastruktur mit dem Bau einer 300 MW-Anlage in Black Pearl sowie der Übernahme des Reveille-Datenzentrums mit einer Kapazität von bis zu 200 MW. Zusätzlich haben sie eine Option zur Übernahme 1.5 GW neuer Standorte gesichert, die sowohl für das Bitcoin-Mining als auch für HPC-Data-Center geeignet sind. Das Unternehmen berichtete von einem GAAP-Nettoverlust von 15 Millionen US-Dollar im Q2 2024 und einem nicht GAAP-adjustierten Verlust von 3 Millionen US-Dollar.
Positive
- Hashrate growth from 8.7 EH/s to targeted 13.5 EH/s by end of 2024 and 35.0 EH/s by end of 2025
- Construction of 300 MW facility at Black Pearl underway
- Acquisition of Reveille data center with up to 200 MW capacity
- Executed term sheet for option to acquire 1.5 GW of new sites suitable for HPC or bitcoin mining
Negative
- Q2 2024 GAAP Net Loss of $15 million
- Non-GAAP Adjusted Loss of $3 million
- GAAP diluted net loss of $0.05 per share
- Non-GAAP diluted adjusted loss of $0.01 per share
Cipher Mining’s Q2 2024 results show a mixed financial picture. The company reported a GAAP net loss of
The company’s aggressive expansion plans, aiming to increase hashrate from 8.7 EH/s to 35.0 EH/s by end of 2025, indicate a strong growth trajectory. However, this rapid scaling could pressure short-term financials. The diversification into HPC infrastructure alongside bitcoin mining is a strategic move to mitigate risks associated with cryptocurrency volatility. Investors should closely monitor execution of these ambitious plans and their impact on future profitability.
Cipher’s technological strategy is ambitious and forward-thinking. The planned increase from 8.7 EH/s to 35.0 EH/s by 2025 represents a 4x growth in computing power, positioning them as a major player in the mining industry. The company’s focus on both bitcoin mining and HPC infrastructure demonstrates adaptability in a rapidly evolving tech landscape.
The acquisition of sites with 1.7 GW total power capacity is significant, as it provides flexibility to pivot between crypto mining and traditional data center operations. This dual-use approach could prove valuable if regulatory or market conditions shift unfavorably for crypto mining. The expertise in HPC data center construction from hyperscalers adds credibility to their expansion plans, potentially giving Cipher a competitive edge in execution and operational efficiency.
Current hashrate of ~8.7 EH/s on target for ~13.5 EH/s by end of 2024 and ~35.0 EH/s by end of 2025
Acquiring additional 1.7 GW of power capacity suitable for HPC infrastructure or bitcoin mining
Second Quarter 2024 GAAP Net Loss of
NEW YORK, Aug. 13, 2024 (GLOBE NEWSWIRE) — Cipher Mining Inc. (NASDAQ: CIFR) (“Cipher” or the “Company”) today announced results for its second quarter ended June 30, 2024, with an update on its operations and business strategy.
“We currently operate ~8.7 EH/s of self-mining hashrate and are on track to hit ~13.5 EH/s by year-end 2024, and ~35.0 EH/s by year-end 2025,” said Tyler Page, CEO of Cipher.
“In addition to constructing the 300 MW facility at Black Pearl, we are on track to close the acquisition of our new Reveille data center site with up to 200 MW of capacity and are pleased to announce we have executed a term sheet for an option to acquire three new sites with a cumulative power capacity of 1.5 GW. These sites are well-suited for both bitcoin mining and HPC data centers. With our operations and construction teams, which are led by seasoned experts who have built and run HPC data centers for some of the top hyperscalers in the world, we are uniquely positioned to maximize opportunities in both bitcoin mining and HPC infrastructure.”
“We expect developing HPC infrastructure will be complementary to our bitcoin mining business and that we can strike the right balance between the two business lines to drive significant shareholder value for many years,” concluded Mr. Page.
Finance and Operations Highlights
- Upgrade of Odessa site bringing total self-mining hashrate to ~13.5 EH/s on track for Q4 2024
- Construction of 300 MW data center at Black Pearl underway with expected energization in Q2 2025
- Acquisition of Reveille data center site with up to 200 MW of capacity well-suited for HPC data centers expected to close soon
- Executed term sheet for option to acquire 1.5 GW of new sites in North America suitable for both HPC or bitcoin mining data centers
- Q2 2024 GAAP diluted net loss of
$0.05 per share, and non-GAAP diluted adjusted loss of$0.01 per share
Business Update Call and Webcast
The live webcast and a webcast replay of the conference call can be accessed from the investor relations section of Cipher’s website at https://investors.ciphermining.com. To access this conference call by telephone, register here to receive dial-in numbers and a unique PIN to join the call.
About Cipher
Cipher is an emerging technology company focused on the development and operation of bitcoin mining data centers. Cipher is dedicated to expanding and strengthening the Bitcoin network’s critical infrastructure. Together with its diversely talented team and strategic partnerships, Cipher aims to be a market leader in bitcoin mining growth and innovation. To learn more about Cipher, please visit https://www.ciphermining.com/.
Forward Looking Statements
This press release contains certain forward-looking statements within the meaning of the federal securities laws of the United States. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with these safe harbor provisions. Any statements made in this press release that are not statements of historical fact, including statements about our beliefs and expectations regarding our future results of operations and financial position, business strategy, timing and likelihood of success, potential expansion of and additional bitcoin mining data centers, expectations regarding the operations of mining centers, and management plans and objectives, are forward-looking statements and should be evaluated as such. Forward-looking statements include information concerning possible or assumed future results of operations, including descriptions of our business plan and strategies. These forward-looking statements generally are identified by the words “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “seeks,” “intends,” “targets,” “projects,” “contemplates,” “believes,” “estimates,” “strategy,” “future,” “forecasts,” “opportunity,” “predicts,” “potential,” “would,” “will likely result,” “continue,” and similar expressions (including the negative versions of such words or expressions).
These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by Cipher and our management, are inherently uncertain. Such forward-looking statements are subject to risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied by such forward looking statements. New risks and uncertainties may emerge from time to time, and it is not possible to predict all risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: volatility in the price of Cipher’s securities due to a variety of factors, including changes in the competitive and regulated industry in which Cipher operates, variations in performance across competitors, changes in laws and regulations affecting Cipher’s business, and the ability to implement business plans, forecasts, and other expectations and to identify and realize additional opportunities. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of our Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 5, 2024, and in Cipher’s subsequent filings with the Securities and Exchange Commission. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Cipher assumes no obligation and, except as required by law, does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.
Contacts:
Investor Contact:
Josh Kane
Head of Investor Relations at Cipher Mining
[email protected]
Media Contact:
Ryan Dicovitsky / Kendal Till
Dukas Linden Public Relations
[email protected]
| CIPHER MINING INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except for share and per share amounts) |
|||||||
| June 30, 2024 | December 31, 2023 | ||||||
| (unaudited) | |||||||
| ASSETS | |||||||
| Current assets | |||||||
| Cash and cash equivalents | $ | 122,557 | $ | 86,105 | |||
| Accounts receivable | 286 | 622 | |||||
| Receivables, related party | 176 | 245 | |||||
| Prepaid expenses and other current assets | 3,599 | 3,670 | |||||
| Bitcoin | 138,079 | 32,978 | |||||
| Derivative asset | 44,702 | 31,878 | |||||
| Total current assets | 309,399 | 155,498 | |||||
| Property and equipment, net | 239,075 | 243,815 | |||||
| Deposits on equipment | 58,063 | 30,812 | |||||
| Intangible assets, net | 8,503 | 8,109 | |||||
| Investment in equity investees | 49,949 | 35,258 | |||||
| Derivative asset | 78,228 | 61,713 | |||||
| Operating lease right-of-use asset | 9,926 | 7,077 | |||||
| Security deposits | 22,246 | 23,855 | |||||
| Other noncurrent assets | 203 | – | |||||
| Total assets | $ | 775,592 | $ | 566,137 | |||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
| Current liabilities | |||||||
| Accounts payable | $ | 13,733 | $ | 4,980 | |||
| Accounts payable, related party | – | 1,554 | |||||
| Accrued expenses and other current liabilities | 17,855 | 22,439 | |||||
| Finance lease liability, current portion | 3,595 | 3,404 | |||||
| Operating lease liability, current portion | 1,262 | 1,166 | |||||
| Warrant liability | – | 250 | |||||
| Total current liabilities | 36,445 | 33,793 | |||||
| Asset retirement obligation | 19,337 | 18,394 | |||||
| Finance lease liability | 9,281 | 11,128 | |||||
| Operating lease liability | 9,181 | 6,280 | |||||
| Deferred tax liability | 10,577 | 5,206 | |||||
| Total liabilities | 84,821 | 74,801 | |||||
| Commitments and contingencies (Note 13) | |||||||
| Stockholders’ equity | |||||||
| Preferred stock, |
– | – | |||||
| Common stock, |
336 | 296 | |||||
| Additional paid-in capital | 802,610 | 627,822 | |||||
| Accumulated deficit | (112,168 | ) | (136,777 | ) | |||
| Treasury stock, at par, 6,941,446 and 5,318,674 shares at June 30, 2024 and December 31, 2023, respectively | (7 | ) | (5 | ) | |||
| Total stockholders’ equity | 690,771 | 491,336 | |||||
| Total liabilities and stockholders’ equity | $ | 775,592 | $ | 566,137 | |||
| CIPHER MINING INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except for share and per share amounts) (unaudited) |
|||||||||||||||
| Three months ended June 30, | Six months ended June 30, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Revenue – bitcoin mining | $ | 36,808 | $ | 31,224 | $ | 84,945 | $ | 53,119 | |||||||
| Costs and operating expenses (income) | |||||||||||||||
| Cost of revenue | 14,281 | 15,868 | 29,101 | 24,009 | |||||||||||
| Compensation and benefits | 16,285 | 12,668 | 29,321 | 24,605 | |||||||||||
| General and administrative | 8,365 | 8,667 | 14,442 | 14,150 | |||||||||||
| Depreciation and amortization | 20,251 | 14,412 | 37,495 | 26,067 | |||||||||||
| Change in fair value of derivative asset | (21,980 | ) | (3,222 | ) | (29,339 | ) | (8,550 | ) | |||||||
| Power sales | (1,109 | ) | (5,651 | ) | (2,282 | ) | (5,749 | ) | |||||||
| Equity in losses (gains) of equity investees | 577 | 1,431 | (161 | ) | 2,181 | ||||||||||
| Losses (gains) on fair value of bitcoin | 16,309 | (860 | ) | (24,247 | ) | (5,124 | ) | ||||||||
| Other gains | – | – | – | (2,260 | ) | ||||||||||
| Total costs and operating expenses (income) | 52,979 | 43,313 | 54,330 | 69,329 | |||||||||||
| Operating (loss) income | (16,171 | ) | (12,089 | ) | 30,615 | (16,210 | ) | ||||||||
| Other income (expense) | |||||||||||||||
| Interest income | 1,053 | 25 | 1,839 | 101 | |||||||||||
| Interest expense | (372 | ) | (485 | ) | (772 | ) | (886 | ) | |||||||
| Change in fair value of warrant liability | – | (22 | ) | 250 | (59 | ) | |||||||||
| Other income (expense) | 727 | (12 | ) | (1,231 | ) | (12 | ) | ||||||||
| Total other income (expense) | 1,408 | (494 | ) | 86 | (856 | ) | |||||||||
| (Loss) income before taxes | (14,763 | ) | (12,583 | ) | 30,701 | (17,066 | ) | ||||||||
| Current income tax expense | (335 | ) | (31 | ) | (721 | ) | (48 | ) | |||||||
| Deferred income tax expense | (193 | ) | (584 | ) | (5,371 | ) | (637 | ) | |||||||
| Total income tax expense | (528 | ) | (615 | ) | (6,092 | ) | (685 | ) | |||||||
| Net (loss) income | $ | (15,291 | ) | $ | (13,198 | ) | $ | 24,609 | $ | (17,751 | ) | ||||
| Net (loss) income per share – basic and diluted | $ | (0.05 | ) | $ | (0.05 | ) | $ | 0.08 | $ | (0.07 | ) | ||||
| Weighted average shares outstanding – basic | 314,353,742 | 249,127,664 | 305,497,621 | 248,892,181 | |||||||||||
| Weighted average shares outstanding – diluted | 314,353,742 | 249,127,664 | 316,652,300 | 248,892,181 | |||||||||||
| CIPHER MINING INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (unaudited) |
|||||||
| Six months ended June 30, | |||||||
| 2024 | 2023 | ||||||
| Cash flows from operating activities | |||||||
| Net income (loss) | $ | 24,609 | $ | (17,751 | ) | ||
| Adjustments to reconcile net income (loss) to net cash used in operating activities: | |||||||
| Depreciation | 37,192 | 26,067 | |||||
| Amortization of intangible assets | 303 | – | |||||
| Amortization of operating right-of-use asset | 565 | 452 | |||||
| Share-based compensation | 21,654 | 17,988 | |||||
| Equity in (gains) losses of equity investees | (161 | ) | 2,181 | ||||
| Non-cash lease expense | 762 | 878 | |||||
| Other operating activities | (1,839 | ) | – | ||||
| Income taxes | 5,371 | 637 | |||||
| Bitcoin received as payment for services | (85,281 | ) | (52,836 | ) | |||
| Change in fair value of derivative asset | (29,339 | ) | (8,550 | ) | |||
| Change in fair value of warrant liability | (250 | ) | 59 | ||||
| Gains on fair value of bitcoin | (24,247 | ) | (5,124 | ) | |||
| Changes in assets and liabilities: | |||||||
| Accounts receivable | 336 | (282 | ) | ||||
| Receivables, related party | 69 | (512 | ) | ||||
| Prepaid expenses and other current assets | 71 | 4,994 | |||||
| Security deposits | 1,609 | (12 | ) | ||||
| Other non-current assets | (203 | ) | – | ||||
| Accounts payable | (47 | ) | (185 | ) | |||
| Accounts payable, related party | – | (1,529 | ) | ||||
| Accrued expenses and other current liabilities | (2,745 | ) | 6,323 | ||||
| Lease liabilities | (417 | ) | (594 | ) | |||
| Net cash used in operating activities | (51,988 | ) | (27,796 | ) | |||
| Cash flows from investing activities | |||||||
| Proceeds from sale of bitcoin | 10,334 | 52,475 | |||||
| Deposits on equipment | (35,748 | ) | (2,932 | ) | |||
| Purchases of property and equipment | (15,766 | ) | (28,541 | ) | |||
| Purchases and development of software | (698 | ) | – | ||||
| Prepayments on financing leases | – | (3,676 | ) | ||||
| Capital distributions from equity investees | – | 3,807 | |||||
| Investment in equity investees | (20,435 | ) | (3,095 | ) | |||
| Net cash (used in) provided by investing activities | (62,313 | ) | 18,038 | ||||
| Cash flows from financing activities | |||||||
| Proceeds from the issuance of common stock | 163,276 | 2,821 | |||||
| Offering costs paid for the issuance of common stock | (2,868 | ) | (76 | ) | |||
| Repurchase of common shares to pay employee withholding taxes | (7,237 | ) | (1,114 | ) | |||
| Principal payments on financing lease | (2,418 | ) | (2,059 | ) | |||
| Net cash provided by (used in) financing activities | 150,753 | (428 | ) | ||||
| Net increase (decrease) in cash and cash equivalents | 36,452 | (10,186 | ) | ||||
| Cash and cash equivalents, beginning of the period | 86,105 | 11,927 | |||||
| Cash and cash equivalents, end of the period | $ | 122,557 | $ | 1,741 | |||
| Six months ended June 30, | |||||||
| 2024 | 2023 | ||||||
| Supplemental disclosure of noncash investing and financing activities | |||||||
| Reclassification of deposits on equipment to property and equipment | $ | 13,799 | $ | 72,130 | |||
| Bitcoin received from equity investees | $ | 5,907 | $ | 317 | |||
| Settlement of related party payable related to master services and supply agreement | $ | 1,554 | $ | – | |||
| Right-of-use asset obtained in exchange for finance lease liability | $ | 3,414 | $ | 14,212 | |||
| Equity method investment acquired for non-cash consideration | $ | – | $ | 1,926 | |||
| Sales tax accrual on machine purchases | $ | – | $ | 1,837 | |||
| Finance lease cost in accrued expenses | $ | – | $ | 2,034 | |||
Non-GAAP Financial Measures
The following are reconciliations of our Adjusted Earnings, in each case excluding the impact of (i) the non-cash change in fair value of derivative asset, (ii) share-based compensation expense, (iii) depreciation and amortization, (iv) deferred income tax expense, (v) nonrecurring gains and losses and (vi) the non-cash change in fair value of warrant liability, to the most directly comparable GAAP measures for the periods indicated (in thousands):
| Three months ended June 30, | Six months ended June 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Reconciliation of Adjusted Earnings: | ||||||||||||||||
| Net (loss) income | $ | (15,291 | ) | $ | (13,198 | ) | $ | 24,609 | $ | (17,751 | ) | |||||
| Change in fair value of derivative asset | (21,980 | ) | (3,222 | ) | (29,339 | ) | (8,550 | ) | ||||||||
| Share-based compensation expense | 13,336 | 9,178 | 21,654 | 17,988 | ||||||||||||
| Depreciation and amortization | 20,251 | 14,412 | 37,495 | 26,067 | ||||||||||||
| Deferred income tax expense | 193 | 584 | 5,371 | 637 | ||||||||||||
| Other gains – nonrecurring | – | – | – | (2,260 | ) | |||||||||||
| Change in fair value of warrant liability | – | 22 | (250 | ) | 59 | |||||||||||
| Adjusted (loss) earnings | (3,491 | ) | 7,776 | 59,540 | 16,190 | |||||||||||
| Reconciliation of Adjusted (loss) earnings per share: | ||||||||||||||||||
| Adjusted (loss) earnings | $ | (3,491 | ) | $ | 7,776 | $ | 59,540 | $ | 16,190 | |||||||||
| Weighted average shares outstanding – diluted | 314,353,742 | 249,127,664 | 316,652,300 | 248,892,181 | ||||||||||||||
| Adjusted (loss) earnings per share | $ | (0.01 | ) | $ | 0.03 | $ | 0.19 | $ | 0.07 | |||||||||
FAQ
What is Cipher Mining’s current hashrate and future targets for 2024 and 2025?
Cipher Mining’s current hashrate is ~8.7 EH/s, with targets of ~13.5 EH/s by the end of 2024 and ~35.0 EH/s by the end of 2025.
How much additional power capacity is Cipher Mining (CIFR) acquiring?
Cipher Mining is acquiring an additional 1.7 GW of power capacity, including a 200 MW Reveille data center and an option for 1.5 GW across three new sites.
What was Cipher Mining’s (CIFR) financial performance in Q2 2024?
Cipher Mining reported a GAAP Net Loss of $15 million and a Non-GAAP Adjusted Loss of $3 million for Q2 2024.
What new facilities is Cipher Mining (CIFR) developing in 2024?
Cipher Mining is constructing a 300 MW facility at Black Pearl and acquiring the Reveille data center site with up to 200 MW capacity.
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