Cipher Mining Inc. has recently released its 10-Q report, revealing key insights into its financial performance and operations. The company, along with its subsidiaries, specializes in developing and operating industrial-scale data centers in the United States, with a current portfolio and development pipeline expected to consist of more than 3.0 GW of capacity across 11 sites. Cipher Mining Inc. currently operates two wholly-owned bitcoin mining data centers, with equity investments in three partially-owned 40 MW bitcoin mining data centers and a pipeline of approximately 2.6 GW of potential capacity across seven sites in Texas.
In the 10-Q report, Cipher Mining Inc. detailed its recent developments, including amending its Future Sales and Purchase Agreement with Bitmain, issuing $172.5 million of 1.75% Convertible Senior Notes due 2030, and energizing and commencing bitcoin mining operations at Phase I of the Black Pearl facility in June 2025. The company also terminated the Board Observer Agreement with Bitfury Top HoldCo B.V. and Bitfury Holding B.V.
The report provided a summary of the company's Bitcoin inventory for the six months ended June 30, 2025, including bitcoin production and sales. Cipher Mining Inc. reported an opening balance of 994 bitcoins amounting to $92,651, with an ending balance of 1,046 bitcoins totaling $112,089.
Furthermore, the 10-Q report presented a detailed breakdown of the company's results of operations for the three and six months ended June 30, 2025, compared to the same periods in 2024. In the three months ended June 30, 2025, Cipher Mining Inc. reported revenue of $43.6 million from bitcoin mining operations, an increase from $36.8 million in the same period in 2024. The cost of revenue, compensation and benefits, general and administrative expenses, and depreciation and amortization were also outlined, providing insights into the company's financial performance.
The comparative results for the six months ended June 30, 2025, and 2024, revealed a total revenue of $92.5 million in 2025, up from $84.9 million in 2024, primarily driven by an increase in the average bitcoin price. The cost of revenue, compensation and benefits, general and administrative expenses, and depreciation and amortization for the six-month periods were also detailed in the report.
Cipher Mining Inc.'s 10-Q report offers a comprehensive overview of the company's financial condition and results of operations, shedding light on its performance in the rapidly evolving cryptocurrency mining industry. The market has reacted to these announcements by moving the company's shares -5.85% to a price of $4.905. For the full picture, make sure to review Cipher Mining's 10-Q report.
