Summary by Futu AI
On May 7, 2024, Cipher Mining Inc. reported its financial results for the first quarter ended March 31, 2024. The company announced a GAAP net income of $40 million and non-GAAP adjusted earnings of $63 million, with revenues reaching $48 million. Cipher Mining also highlighted its current self-mining hash rate of approximately 7.7 EH/s, with a target to increase to around 9.3 EH/s by the end of the third quarter of 2024 and plans to expand to approximately 25.1 EH/s by the end of 2025. The company's CEO, Tyler Page, expressed confidence in the team's execution and the company's economic position, which will support the construction of a new 300 MW data center by 2025. Cipher Mining, which focuses on the development and operation of bitcoin...Show More