Cipher Mining reported Q2 2024 revenue of $36.8 million, an 18% increase from $31.2 million in Q2 2023, driven by higher bitcoin prices despite reduced mining output following the April 2024 halving. The company mined 558 bitcoin during the quarter at an average price of $65,900 per bitcoin, compared to 1,112 bitcoin at $28,100 in Q2 2023. Operating loss widened to $16.2 million from $12.1 million year-over-year.The company strengthened its financial position with $122.6 million in cash and 2,203 bitcoin valued at $138.1 million as of June 30, 2024. During Q2, Cipher raised $95.9 million through at-the-market stock offerings and signed agreements with Bitmain and Canaan to purchase next-generation miners for delivery in Q4 2024, investing $35.7 million in deposits.Looking ahead, Cipher is expanding operations with the development of its new 300 MW Black Pearl facility expected to launch in 2025. The company also modified its New York office lease and established a $10 million secured credit line with Coinbase. Management believes current financial resources and projected cash flows are sufficient to fund operations for at least 12 months.

Cipher Mining reported Q2 2024 revenue of $36.8 million, an 18% increase from $31.2 million in Q2 2023, driven by higher bitcoin prices despite reduced mining output following the April 2024 halving. The company mined 558 bitcoin during the quarter at an average price of $65,900 per bitcoin, compared to 1,112 bitcoin at $28,100 in Q2 2023. Operating loss widened to $16.2 million from $12.1 million year-over-year.The company strengthened its financial position with $122.6 million in cash and 2,203 bitcoin valued at $138.1 million as of June 30, 2024. During Q2, Cipher raised $95.9 million through at-the-market stock offerings and signed agreements with Bitmain and Canaan to purchase next-generation miners for delivery in Q4 2024, investing $35.7 million in deposits.Looking ahead, Cipher is expanding operations with the development of its new 300 MW Black Pearl facility expected to launch in 2025. The company also modified its New York office lease and established a $10 million secured credit line with Coinbase. Management believes current financial resources and projected cash flows are sufficient to fund operations for at least 12 months.