TechFlow news: U.S.-listed Bitcoin mining company Cipher Mining has released its Q2 2024 financial report. The report shows a net loss of $15 million, slightly higher than the $13.2 million loss in the same period last year. Despite the increased losses, the company saw growth in revenue, cash reserves, and power capacity.
Quarterly revenue rose from $31.22 million a year ago to $36.81 million, while operating costs decreased from $15.87 million to $14.28 million.
As of the end of the quarter, the company held $122.56 million in cash and cash equivalents, a significant increase from $86.11 million at the end of 2023, primarily due to the issuance of $163.28 million in common stock.
In terms of computing power, Cipher currently operates at approximately 8.7 EH/s, with plans to reach 13.5 EH/s by the end of 2024 and 35.0 EH/s by the end of 2025. The company has signed agreements to acquire three new energy sites with a combined power capacity of 1.5 gigawatts. CEO Tyler Page stated that the company is expanding into high-performance computing to diversify beyond Bitcoin mining operations.
