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Cipher Mining Inc. (NASDAQ: CIFR) is an emerging technology company dedicated to developing and operating Bitcoin mining data centers in the United States. By focusing on key infrastructure, the company plays a pivotal role in strengthening the Bitcoin network.
Cipher Mining is expanding its operations with significant projects, such as the Bear and Chief site expansions slated for completion in Q2 2024 and the upcoming Black Pearl data center project scheduled for 2025. With a current Bitcoin inventory of approximately 2,033 BTC and a strong balance sheet, Cipher is well-positioned to thrive in the post-halving Bitcoin mining environment.
The company has recently made notable advancements, including the upgrade of its mining fleet with Bitmain's S21 Pro rigs and Canaan's A1566 miners. These acquisitions are expected to enhance Cipher's mining efficiency and production capabilities. The company aims to achieve a self-mining hash rate of 13.5 EH/s with an efficiency of 18.6 J/TH by the end of 2024, expanding to 35 EH/s and a fleet efficiency of 15 J/TH by 2025.
In the first quarter of 2024, Cipher reported record net income and continued to invest in its growth, clearing and leveling over 50 acres for the Black Pearl data center project. The company has strategically partnered with Canaan and Bitmain to secure cutting-edge mining equipment, ensuring its readiness to capitalize on future opportunities.
Cipher Mining remains committed to innovation and market leadership in the Bitcoin mining industry. The company's strategic execution, best-in-class unit economics, and expanding infrastructure underscore its potential for sustained growth and value creation for shareholders.
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) 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), a U.S.-based Bitcoin mining company, has announced the date for its second quarter 2024 business update and financial results release. The company will provide this update before U.S. markets open on Tuesday, August 13, 2024. Following the release, Cipher will host a conference call and webcast at 8:00 a.m. Eastern Time on the same day. Investors and interested parties can access the live webcast and replay from the investor relations section of Cipher's website. For those wishing to join the call by telephone, registration is required to receive dial-in numbers and a unique PIN.
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.
Canaan (NASDAQ: CAN) has announced a significant purchase agreement with Cipher Mining Technologies (NASDAQ: CIFR). Cipher Mining has ordered 6,600 units of Canaan's Avalon Miner A1566, known for its advanced computing power and efficiency. The delivery of these units is scheduled for Q4 2024. Additionally, Cipher has an option to acquire more mining machines, supporting up to 160 MW of capacity, allowing for operational scalability. Executives from both companies emphasized the strong partnership and the advanced capabilities of the A1566 model in addressing operational challenges.
Cipher Mining announced significant upgrades to its mining fleet, setting new self-mining hash rate targets for 2024 and 2025. The 2024 year-end target is ~13.5 EH/s with a fleet efficiency of ~18.6 J/TH, and the 2025 target is ~35 EH/s with ~15 J/TH efficiency. Cipher amended its existing Bitmain contract to accelerate delivery of the advanced S21 Pro mining rigs to 4Q24 and also entered an agreement with Canaan to purchase 1.25 EH/s of the A1566 miners for delivery in the same quarter. The company secured an option to buy an additional 160 MW of future generation miners in 2025 at current A1566 prices. These upgrades aim to replace less-efficient rigs and increase production at the Odessa site, with all purchases fully funded. CEO Tyler Page emphasized the benefits of the company's flexible and efficient data centers, highlighting the expected value creation for shareholders.
Cipher Mining announced its May 2024 operational update, highlighting key metrics and strategic advancements. The company mined 166 BTC and sold 50 BTC, ending the month with 2,142 BTC held. With 71,000 deployed mining rigs, Cipher's operating hash rate reached 8.0 EH/s. Notably, the company is expanding its Bear and Chief sites and has signed a term sheet to acquire a new site in Cotulla, Texas, for $2.5 million, capable of expanding to 200 MW by 2026. The CEO noted the company's resilient performance post-bitcoin halving and strategic power management at the Odessa data center, positioning Cipher to capitalize on potential high market prices this summer.
Bitfury Group has announced the allocation of approximately 18.5 million shares in Cipher Mining, Inc. (NASDAQ:CIFR) to a share reserve for Bitfury's employees, consultants, and advisors. Bitfury plans to sell about 9.2 million shares on the open market, remitting the proceeds to beneficiaries periodically. This strategic sale aims to reduce Bitfury's ownership concentration in Cipher and increase the free float of CIFR stock. Post-sale, Bitfury's ownership in Cipher will drop from 22.1% to 19.1%. The remaining 9.3 million shares will benefit other Bitfury beneficiaries, as decided by management. This move is expected to strengthen Cipher's market positioning and reward Bitfury's contributors.
Cipher Mining Inc. (NASDAQ: CIFR) will participate in the 19th Annual Needham Technology, Media, & Consumer Conference on May 14th, 2024. The event details include the time, webcast link, and availability of presentation materials and replay on the company's investor relations website.
Cipher Mining Inc. (NASDAQ: CIFR) reported strong financial results for the first quarter of 2024, with a GAAP net income of $40 million and non-GAAP adjusted earnings of $63 million. The company is expanding its self-mining hash rate from ~7.7 EH/s to ~9.3 EH/s by the end of the third quarter of 2024 and aims to reach ~25.1 EH/s by the end of 2025. Cipher is investing in a new 300 MW data center at Black Pearl, accelerating its construction plans to complete the facility in 2025.
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