Cipher Mining Announces July 2024 Operational Update
Rhea-AI Summary
Cipher Mining Inc. (NASDAQ:CIFR) has released its unaudited production and operations update for July 2024. Key highlights include:
- 1178 BTC mined
- 108 BTC sold
- 2,270 BTC held
- 75,000 deployed mining rigs
- 8.7 EH/s month-end operating hash rate
The company's production includes an estimated 9 BTC equivalent from power sales. Cipher's earnings call is scheduled for August 13th at 8:00 a.m. Eastern Time. The company's regular treasury management process involved selling 108 BTC in July.
Positive
- Mined 1178 BTC in July 2024
- Increased BTC holdings to 2,270
- Deployed 75,000 mining rigs
- Achieved 8.7 EH/s month-end operating hash rate
- Generated additional revenue through power sales equivalent to 9 BTC
Negative
- Sold 108 BTC as part of treasury management
News Market Reaction 1 Alert
On the day this news was published, CIFR declined 10.35%, reflecting a significant negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
NEW YORK, Aug. 02, 2024 (GLOBE NEWSWIRE) -- Cipher Mining Inc. (NASDAQ:CIFR) (“Cipher” or the “Company”) today released its unaudited production and operations update for July 2024.
Key Highlights
| Key Metrics | July 2024 |
| BTC Mined1 | 178 |
| BTC Sold | 108 |
| BTC Held | 2,270 |
| Deployed Mining Rigs | 75,000 |
| Month End Operating Hash Rate (EH/s) | 8.7 |
1 Includes July power sales estimates (based on current meter data and nodal prices) equivalent to 9 bitcoin (using month-end bitcoin price of
Management Commentary for July
Our earnings call is scheduled for Tuesday, August 13th at 8:00 a.m. Eastern Time. Please join then for an update on the business – register here or access the webcast through our investor website at https://investors.ciphermining.com.
Bitcoin Production and Operations Updates for July 2024
Cipher produced ~1781 BTC in July. As part of its regular treasury management process, Cipher sold ~108 BTC in July, ending the month with a balance of ~2,270 BTC.
About Cipher
Cipher is an emerging technology company focused on the development and operation of bitcoin mining data centers. Cipher is dedicated to expanding and strengthening the Bitcoin network's critical infrastructure. Together with its diversely talented team and strategic partnerships, Cipher aims to be a market leader in bitcoin mining growth and innovation. To learn more about Cipher, please visit https://www.ciphermining.com/
Forward Looking Statements
This press release contains certain forward-looking statements within the meaning of the federal securities laws of the United States. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with these safe harbor provisions. Any statements made in this press release that are not statements of historical fact, including statements about our beliefs and expectations regarding our future results of operations and financial position, business strategy, timing and likelihood of success, potential expansion of or additional bitcoin mining data centers, expectations regarding the operations of mining centers, and management plans and objectives, are forward-looking statements and should be evaluated as such. Forward-looking statements include information concerning possible or assumed future results of operations, including descriptions of our business plan and strategies. These forward-looking statements generally are identified by the words “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “seeks,” “intends,” “targets,” “projects,” “contemplates,” “believes,” “estimates,” “strategy,” “future,” “forecasts,” “opportunity,” “predicts,” “potential,” “would,” “will likely result,” “continue,” and similar expressions (including the negative versions of such words or expressions).
These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by Cipher and our management, are inherently uncertain. Such forward-looking statements are subject to risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. New risks and uncertainties may emerge from time to time, and it is not possible to predict all risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: volatility in the price of Cipher’s securities due to a variety of factors, including changes in the competitive and regulated industry in which Cipher operates, variations in performance across competitors, changes in laws and regulations affecting Cipher’s business, and the ability to implement business plans, forecasts, and other expectations and to identify and realize additional opportunities. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of our Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 5, 2024, and in Cipher’s subsequent filings with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Cipher assumes no obligation and, except as required by law, does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.
Contacts:
Investor Contact:
Josh Kane
Head of Investor Relations at Cipher Mining
josh.kane@ciphermining.com
Media Contact:
Ryan Dicovitsky / Kendal Till
Dukas Linden Public Relations
CipherMining@DLPR.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/7a4fe5f2-b818-45b4-a577-cd19e7daab43
1 Includes July power sales estimates (based on current meter data and nodal prices) equivalent to 9 bitcoin (using month-end bitcoin price of
FAQ
How many Bitcoin did Cipher Mining (CIFR) produce in July 2024?
What was Cipher Mining's (CIFR) operating hash rate at the end of July 2024?
How many mining rigs did Cipher Mining (CIFR) have deployed in July 2024?
What was Cipher Mining's (CIFR) Bitcoin balance at the end of July 2024?
When is Cipher Mining's (CIFR) next earnings call scheduled?
