Bitcoin miner Cipher sees growing net losses, revenues and cash on hand in Q2

Cipher Mining (ticker: CIFR), the U.S.-based publicly-traded bitcoin miner, reported a net loss of $15 million for the second quarter of 2024, slightly higher than the net loss it posted $13.2 million in the same quarter last year.

Despite growing losses, the firm’s revenues, cash on hand and power supply have also increased year-over-year. Its second-quarter revenue jumped to $36.81 million from $31.22 million during the same period last year while its cost of revenue fell to $14.28 million from $15.87 million.

The company's cash and cash equivalents stood at $122.56 million, a significant increase from $86.11 million at the end of 2023, largely driven by the issuance of $163.28 million worth of common stock.

Cipher also reported a current hashrate of approximately 8.7 EH/s, with targets to reach 13.5 EH/s by the end of 2024 and 35.0 EH/s by the end of 2025 after signing a deal to exercise the option to acquire three new energy sites with a cumulative power capacity of 1.5 GW.

Like many crypto miners following the Bitcoin halving in April, Cipher is building out its capacity and looking to expand further into the high-performance computing sector.

“We expect developing HPC infrastructure will be complementary to our bitcoin mining business and that we can strike the right balance between the two business lines to drive significant shareholder value for many years,” CEO Tyler Page said in a statement.

CIFR stock is up 2.1% to $4.02 per share at publication time.