According to ChainCatcher, Bitcoin miner Cipher Mining reported a net loss of $15 million in the second quarter of 2024, slightly higher than the net loss of $13.2 million reported in the same period last year.
Despite the widening losses, the company also saw year-over-year growth in revenue, cash on hand, and power supply. Its second-quarter revenue jumped to $36.81 million from $31.22 million in the same period last year, while cost of revenue fell to $14.28 million from $15.87 million. The company had $122.56 million in cash and cash equivalents, a significant increase from $86.11 million at the end of 2023, mainly due to the issuance of $163.28 million worth of common stock.
Cipher also reported a current hash rate of around 8.7 EH/s, with a goal of reaching 13.5 EH/s by the end of 2024 and 35.0 EH/s by the end of 2025, following the signing of an agreement to exercise options to acquire three new energy sites with a cumulative power capacity of 1.5 GW.
