Cipher Mining, a technology company specializing in bitcoin mining, reported a significant increase in its derivative asset's fair value, rising from $72,030 thousand as of March 31, 2023, to $100,950 thousand as of March 31, 2024. The company's Private Placement Warrants, its only Level 3 liability, were all converted to Public Warrants by March 31, 2024. Cipher Mining recorded an income tax expense of 12.2% of income before taxes for the quarter ended March 31, 2024, compared to a tax expense of (1.6%) of loss before taxes for the same period in 2023. The company's bitcoin mining operations generated $48.1 million in revenue for the quarter, a substantial increase from $21.9 million in the previous year, primarily due to a higher average bitcoin price. However, the recent Bitcoin protocol halving could potentially reduce...Show More

Cipher Mining, a technology company specializing in bitcoin mining, reported a significant increase in its derivative asset's fair value, rising from $72,030 thousand as of March 31, 2023, to $100,950 thousand as of March 31, 2024. The company's Private Placement Warrants, its only Level 3 liability, were all converted to Public Warrants by March 31, 2024. Cipher Mining recorded an income tax expense of 12.2% of income before taxes for the quarter ended March 31, 2024, compared to a tax expense of (1.6%) of loss before taxes for the same period in 2023. The company's bitcoin mining operations generated $48.1 million in revenue for the quarter, a substantial increase from $21.9 million in the previous year, primarily due to a higher average bitcoin price. However, the recent Bitcoin protocol halving could potentially reduce the company's mining revenue by 50% if the bitcoin price remains unchanged. Cipher Mining operates four data centers in Texas and is developing a new facility, Black Pearl, expected to commence operations in 2025. The company's future plans include expanding its bitcoin mining business, developing additional data centers, and enhancing its treasury management platform. As of April 30, 2024, Cipher Mining operated an aggregate hashrate capacity of approximately 8.7 EH/s. The company's financial resources and projected cash inflows are believed to be sufficient to meet operating and capital requirements for at least the next 12 months.