Cipher Mining Reports Strong Q4 2024 Earnings

Cipher Mining Inc. ( (CIFR) ) has released its Q4 earnings. Here is a breakdown of the information Cipher Mining Inc. presented to its investors.

Cipher Mining Inc., a company specializing in the development and operation of industrial-scale data centers for bitcoin mining and high-performance computing (HPC) hosting, has reported its financial results for the fourth quarter and full year 2024. The company is known for its innovative approach in the bitcoin mining sector and aims to be a leading data center developer.

In its latest earnings report, Cipher Mining announced net earnings of $18 million for the fourth quarter of 2024, with adjusted earnings reaching $51 million. The company highlighted significant operational achievements, including the completion of an upgrade to its Odessa fleet, which increased its total self-mining hashrate to approximately 13.5 exahashes per second (EH/s). Additionally, Cipher completed the acquisition of the Stingray data center site and expanded its land holdings adjacent to its Barber Lake site.

Key financial metrics from the report include a revenue of $151.3 million from bitcoin mining for the year, alongside an operating loss of $43.7 million. The company also reported a substantial increase in its pipeline capacity to 2.8 gigawatts, with plans to develop both HPC and bitcoin mining data centers. The construction of Phase I of the Black Pearl project is on track, expected to energize in the second quarter of 2025.

Looking ahead, Cipher Mining’s management remains optimistic about its growth prospects. With a robust pipeline and a proven track record of execution, the company is confident in its vision to become a leading developer of data centers for HPC infrastructure while maintaining its position as a top player in the bitcoin mining industry.