Cipher Mining Announces June 2024 Operational Update
Cipher Mining released its unaudited June 2024 operational update, showcasing solid performance and expansion efforts. The company mined 1,176 BTC and sold 103 BTC, ending the month with 2,209 BTC. Deployed mining rigs totaled 75,000, contributing to an operating hash rate of 8.6 EH/s. Significant advancements include the energization of 30 MW expansions at Bear and Chief data centers, with all new rigs installed at Bear and ongoing installations at Chief. These efforts underscore Cipher's strategic growth in the cryptocurrency mining sector.
- Cipher mined 1,176 BTC in June 2024.
- The company ended the month with a balance of 2,209 BTC.
- Cipher deployed 75,000 mining rigs, enhancing operational capacity.
- The operating hash rate reached 8.6 EH/s.
- Energization of 30 MW expansions at Bear and Chief data centers.
- Cipher sold 103 BTC in June, potentially reducing future revenue.
Insights
Cipher Mining's June 2024 operational update provides a robust snapshot of its current production capacity and financial health. The month-end operating hash rate of 8.6 EH/s indicates substantial mining power, which is important for maintaining competitive positioning in the Bitcoin mining space. For context, the hash rate measures the computational power used to mine and process transactions on the Bitcoin network. A higher hash rate means more blocks mined and thus, more potential revenue.
With 1,761 BTC produced in June and 103 BTC sold (equating to
The 30 MW expansions at the Bear and Chief data centers signal ongoing growth in mining capacity. These expansions likely contribute to the increased hash rate, positioning the company for greater production in the near term.
Short-term, investors can expect stable production levels with potential for increased revenue from future BTC sales. Long-term, continuing to scale operations and manage energy consumption effectively will be key for sustaining profitability.
NEW YORK, July 02, 2024 (GLOBE NEWSWIRE) -- Cipher Mining Inc. (NASDAQ:CIFR) (“Cipher” or the “Company”) today released its unaudited production and operations update for June 2024.
Key Highlights
| Key Metrics | June 2024 |
| BTC Mined1 | 176 |
| BTC Sold | 103 |
| BTC Held | 2,209 |
| Deployed Mining Rigs | 75,000 |
| Month End Operating Hash Rate (EH/s) | 8.6 |
1 Includes June power sales estimates (based on current meter data and nodal prices) equivalent to 6 bitcoin (using month-end bitcoin price of
Management Commentary for June
In June, Cipher delivered another solid month of production and continued to expand operations, with energization of the 30 MW expansions at each of its Bear and Chief data centers.
“At Bear we have now received and installed all the new mining rigs, and we expect to finish installing the remainder of the new mining rigs at Chief later this month,” said Tyler Page, CEO of Cipher.
Bitcoin Production and Operations Updates for June 2024
Cipher produced ~1761 BTC in June. As part of its regular treasury management process, Cipher sold ~103 BTC in June, ending the month with a balance of ~2,209 BTC.
30 MW expansions at Bear and Chief
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
1 Includes June power sales estimates (based on current meter data and nodal prices) equivalent to 6 bitcoin (using month-end bitcoin price of
Photos accompanying this announcement are available at
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FAQ
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