Business
Cipher Mining Provides Second Quarter 2024 Business Update
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
About this update from Cipher Digital Inc.
[{"type":"text","content":"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 $15m, and Non-GAAP Adjusted Loss of $3m 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 2024Construction of 300 MW data center at Black Pearl underway with expected energization in Q2 2025Acquisition of Reveille data center site with up to 200 MW of capacity well-suited for HPC data centers expected to close soonExecuted term sheet for option to acquire 1.5 GW of new sites in North America suitable for both HPC or bitcoin mining data centersQ2 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 ac...