Cipher Mining Inc. released its second-quarter 2024 business update, reporting a current hashrate of approximately 8.7 EH/s, with plans to reach approximately 13.5 EH/s by the end of 2024 and approximately 35.0 EH/s by the end of 2025. The company is also acquiring an additional 1.7 GW of power capacity suitable for HPC infrastructure or Bitcoin mining.
In terms of financial performance, Cipher Mining Inc. reported a second-quarter 2024 GAAP net loss of $15 million and a non-GAAP adjusted loss of $3 million. Additionally, the company reported a GAAP diluted net loss of $0.05 per share and a non-GAAP diluted adjusted loss of $0.01 per share for the same period.
The company highlighted several finance and operations highlights, including the upgrade of the Odessa site, which is expected to bring the total self-mining hashrate to approximately 13.5 EH/s by the fourth quarter of 2024. Furthermore, the construction of a 300 MW data center at Black Pearl is underway, with expected energization in the second quarter of 2025. Cipher Mining Inc. also announced the acquisition of the Reveille data center site with up to 200 MW of capacity, well-suited for HPC data centers, which is expected to close soon. Additionally, the company executed a term sheet for an option to acquire 1.5 GW of new sites in North America suitable for both HPC or Bitcoin mining data centers.
Tyler Page, CEO of Cipher Mining Inc., emphasized the company's focus on developing HPC infrastructure, which is expected to complement its Bitcoin mining business. He expressed confidence in striking the right balance between the two business lines to drive significant shareholder value for many years to come.
The press release also mentioned a live webcast and webcast replay of the conference call, along with an invitation for investors to access the conference call by telephone, providing dial-in numbers and a unique PIN to join the call.
Cipher Mining Inc. is described as an emerging technology company focused on the development and operation of Bitcoin mining data centers. The company aims to expand and strengthen the Bitcoin network's critical infrastructure and become a market leader in Bitcoin mining growth and innovation.
It's important to note that the company provided specific figures regarding its hashrate and financial performance for the second quarter of 2024, demonstrating its progress and future plans in the Bitcoin mining and HPC infrastructure space. The market has reacted to these announcements by moving the company's shares -3.4% to a price of $3.93. If you want to know more, read the company's complete 8-K report here.
