Cipher Mining Announces July 2024 Operational Update
Cipher Mining Inc. (NASDAQ:CIFR) has released its unaudited production and operations update for July 2024. Key highlights include:
- 1178 BTC mined
- 108 BTC sold
- 2,270 BTC held
- 75,000 deployed mining rigs
- 8.7 EH/s month-end operating hash rate
The company's production includes an estimated 9 BTC equivalent from power sales. Cipher's earnings call is scheduled for August 13th at 8:00 a.m. Eastern Time. The company's regular treasury management process involved selling 108 BTC in July.
Cipher Mining Inc. (NASDAQ:CIFR) ha pubblicato il suo aggiornamento non verificato sulla produzione e le operazioni per luglio 2024. I punti salienti includono:
- 1178 BTC estratti
- 108 BTC venduti
- 2270 BTC detenuti
- 75.000 impianti minerari attivi
- 8.7 EH/s di hash rate operativo a fine mese
La produzione dell'azienda include un equivalente stimato di 9 BTC derivanti dalla vendita di energia. La call sugli utili di Cipher è programmata per il 13 agosto alle 8:00 a.m. Eastern Time. Il processo regolare di gestione della tesoreria dell'azienda ha comportato la vendita di 108 BTC nel mese di luglio.
Cipher Mining Inc. (NASDAQ:CIFR) ha publicado su actualización no auditada de producción y operaciones para julio de 2024. Los aspectos más destacados incluyen:
- 1178 BTC minados
- 108 BTC vendidos
- 2270 BTC en posesión
- 75,000 equipos mineros desplegados
- 8.7 EH/s de tasa de hash operativo a fin de mes
La producción de la empresa incluye un equivalente estimado de 9 BTC de ventas de energía. La llamada de ganancias de Cipher está programada para el 13 de agosto a las 8:00 a.m. hora del Este. El proceso regular de gestión del tesoro de la empresa implicó la venta de 108 BTC en julio.
Cipher Mining Inc. (NASDAQ:CIFR)는 2024년 7월에 대한 감사되지 않은 생산 및 운영 업데이트를 발표했습니다. 주요 하이라이트는 다음과 같습니다:
- 1178 BTC 채굴
- 108 BTC 판매
- 2270 BTC 보유
- 75,000개의 마이닝 장비 배치
- 월말 운영 해시 비율 8.7 EH/s
회사의 생산에는 전력 판매로 인한 9 BTC 상당이 포함됩니다. Cipher의 수익 전화 회의는 8월 13일 오전 8시 동부 표준시로 예정되어 있습니다. 회사의 정기적인 재무 관리 프로세스는 7월에 108 BTC를 판매하는 것이 포함되었습니다.
Cipher Mining Inc. (NASDAQ:CIFR) a publié sa mise à jour non auditée sur la production et les opérations pour juillet 2024. Les principaux points à retenir sont :
- 1178 BTC minés
- 108 BTC vendus
- 2270 BTC détenus
- 75 000 équipements miniers déployés
- Taux de hachage d'exploitation de 8,7 EH/s à la fin du mois
La production de l'entreprise comprend un équivalent estimé de 9 BTC provenant de la vente d'énergie. L'appel aux résultats de Cipher est prévu pour le 13 août à 8h00, heure de l'Est. Le processus régulier de gestion de trésorerie de l'entreprise a impliqué la vente de 108 BTC en juillet.
Cipher Mining Inc. (NASDAQ:CIFR) hat sein nicht geprüftes Produktions- und Betriebsupdate für Juli 2024 veröffentlicht. Die wichtigsten Highlights sind:
- 1178 BTC abgebaut
- 108 BTC verkauft
- 2270 BTC gehalten
- 75.000 Mining-Rigs im Einsatz
- 8.7 EH/s Betriebshaushalt zum Monatsende
Die Produktion des Unternehmens umfasst geschätzte 9 BTC Äquivalent aus dem Verkauf von Strom. Die Ergebnisbesprechung von Cipher ist für den 13. August um 8:00 Uhr Eastern Time angesetzt. Der reguläre Treasury-Management-Prozess des Unternehmens beinhaltete den Verkauf von 108 BTC im Juli.
- Mined 1178 BTC in July 2024
- Increased BTC holdings to 2,270
- Deployed 75,000 mining rigs
- Achieved 8.7 EH/s month-end operating hash rate
- Generated additional revenue through power sales equivalent to 9 BTC
- Sold 108 BTC as part of treasury management
Cipher Mining's July 2024 operational update reveals some interesting metrics, but it's important to analyze these numbers in context. The company mined approximately 1,178 BTC in July, which is a substantial amount given the current bitcoin mining landscape. However, what's particularly noteworthy is their strategic approach to treasury management.
Cipher sold 108 BTC during the month, likely to cover operational costs and maintain liquidity. This prudent approach resulted in a net increase of their bitcoin holdings to 2,270 BTC by month-end. At the reported month-end bitcoin price of
The company's deployed mining rigs stand at 75,000, with an impressive end-of-month operating hash rate of 8.7 EH/s. This positions Cipher as a formidable player in the bitcoin mining sector. The high hash rate suggests substantial computational power, which is important for maintaining competitiveness in the increasingly challenging mining environment.
One intriguing aspect is Cipher's engagement in power sales, equivalent to 9 bitcoin. This diversification of revenue streams could prove valuable, especially during periods of high energy prices or lower bitcoin values. It demonstrates a level of operational flexibility that could enhance the company's resilience to market fluctuations.
Investors should keep a close eye on the upcoming earnings call on August 13th, which will likely provide more detailed insights into the company's financial health, operational efficiency and future strategies. The combination of steady bitcoin production, strategic sales and a growing bitcoin reserve positions Cipher Mining favorably in the current market, but as always, this should be weighed against broader market conditions and the inherent volatility of the cryptocurrency sector.
Cipher Mining's July 2024 update offers a snapshot of the company's position in the evolving bitcoin mining landscape. The production of 1,178 BTC in a single month is noteworthy, especially considering the increasing difficulty of bitcoin mining and the approach of the next halving event expected in 2024.
The company's strategic decision to sell 108 BTC while retaining a substantial holding of 2,270 BTC reflects a balanced approach to liquidity management and long-term value preservation. This strategy could prove advantageous if bitcoin prices continue their historical trend of appreciation post-halving events.
Cipher's operational scale, with 75,000 deployed mining rigs and an 8.7 EH/s hash rate, positions them as a significant player in the mining sector. This scale provides a competitive edge, potentially allowing for better negotiation of power contracts and equipment purchases.
The company's foray into power sales, albeit small at this point (equivalent to 9 BTC), is an interesting development. This diversification could serve as a hedge against bitcoin price volatility and potentially open up new revenue streams. It's a trend we're seeing more frequently in the mining industry as companies look to optimize their operations and reduce dependency on a single revenue source.
Looking ahead, investors should monitor how Cipher navigates the upcoming bitcoin halving event, which will reduce mining rewards. The company's current scale and apparent operational efficiency could provide a buffer against the increased competition and reduced rewards post-halving. However, the ability to continue upgrading equipment and maintaining low operational costs will be important for long-term success in this highly dynamic and competitive sector.
NEW YORK, Aug. 02, 2024 (GLOBE NEWSWIRE) -- Cipher Mining Inc. (NASDAQ:CIFR) (“Cipher” or the “Company”) today released its unaudited production and operations update for July 2024.
Key Highlights
| Key Metrics | July 2024 |
| BTC Mined1 | 178 |
| BTC Sold | 108 |
| BTC Held | 2,270 |
| Deployed Mining Rigs | 75,000 |
| Month End Operating Hash Rate (EH/s) | 8.7 |
1 Includes July power sales estimates (based on current meter data and nodal prices) equivalent to 9 bitcoin (using month-end bitcoin price of
Management Commentary for July
Our earnings call is scheduled for Tuesday, August 13th at 8:00 a.m. Eastern Time. Please join then for an update on the business – register here or access the webcast through our investor website at https://investors.ciphermining.com.
Bitcoin Production and Operations Updates for July 2024
Cipher produced ~1781 BTC in July. As part of its regular treasury management process, Cipher sold ~108 BTC in July, ending the month with a balance of ~2,270 BTC.
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 or 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 SEC. 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
josh.kane@ciphermining.com
Media Contact:
Ryan Dicovitsky / Kendal Till
Dukas Linden Public Relations
CipherMining@DLPR.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/7a4fe5f2-b818-45b4-a577-cd19e7daab43
1 Includes July power sales estimates (based on current meter data and nodal prices) equivalent to 9 bitcoin (using month-end bitcoin price of
FAQ
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