Cipher Mining Inc. Stock Price, News & Analysis

Cipher Mining released its unaudited June 2024 operational update, showcasing solid performance and expansion efforts. The company mined 1,176 BTC and sold 103 BTC, ending the month with 2,209 BTC. Deployed mining rigs totaled 75,000, contributing to an operating hash rate of 8.6 EH/s. Significant advancements include the energization of 30 MW expansions at Bear and Chief data centers, with all new rigs installed at Bear and ongoing installations at Chief. These efforts underscore Cipher's strategic growth in the cryptocurrency mining sector.

Canaan (NASDAQ: CAN) has announced a significant purchase agreement with Cipher Mining Technologies (NASDAQ: CIFR). Cipher Mining has ordered 6,600 units of Canaan's Avalon Miner A1566, known for its advanced computing power and efficiency. The delivery of these units is scheduled for Q4 2024. Additionally, Cipher has an option to acquire more mining machines, supporting up to 160 MW of capacity, allowing for operational scalability. Executives from both companies emphasized the strong partnership and the advanced capabilities of the A1566 model in addressing operational challenges.

Cipher Mining announced significant upgrades to its mining fleet, setting new self-mining hash rate targets for 2024 and 2025. The 2024 year-end target is ~13.5 EH/s with a fleet efficiency of ~18.6 J/TH, and the 2025 target is ~35 EH/s with ~15 J/TH efficiency. Cipher amended its existing Bitmain contract to accelerate delivery of the advanced S21 Pro mining rigs to 4Q24 and also entered an agreement with Canaan to purchase 1.25 EH/s of the A1566 miners for delivery in the same quarter. The company secured an option to buy an additional 160 MW of future generation miners in 2025 at current A1566 prices. These upgrades aim to replace less-efficient rigs and increase production at the Odessa site, with all purchases fully funded. CEO Tyler Page emphasized the benefits of the company's flexible and efficient data centers, highlighting the expected value creation for shareholders.

Cipher Mining announced its May 2024 operational update, highlighting key metrics and strategic advancements. The company mined 166 BTC and sold 50 BTC, ending the month with 2,142 BTC held. With 71,000 deployed mining rigs, Cipher's operating hash rate reached 8.0 EH/s. Notably, the company is expanding its Bear and Chief sites and has signed a term sheet to acquire a new site in Cotulla, Texas, for $2.5 million, capable of expanding to 200 MW by 2026. The CEO noted the company's resilient performance post-bitcoin halving and strategic power management at the Odessa data center, positioning Cipher to capitalize on potential high market prices this summer.

Bitfury Group has announced the allocation of approximately 18.5 million shares in Cipher Mining, Inc. (NASDAQ:CIFR) to a share reserve for Bitfury's employees, consultants, and advisors. Bitfury plans to sell about 9.2 million shares on the open market, remitting the proceeds to beneficiaries periodically. This strategic sale aims to reduce Bitfury's ownership concentration in Cipher and increase the free float of CIFR stock. Post-sale, Bitfury's ownership in Cipher will drop from 22.1% to 19.1%. The remaining 9.3 million shares will benefit other Bitfury beneficiaries, as decided by management. This move is expected to strengthen Cipher's market positioning and reward Bitfury's contributors.

Cipher Mining Inc. (NASDAQ: CIFR) will participate in the 19th Annual Needham Technology, Media, & Consumer Conference on May 14th, 2024. The event details include the time, webcast link, and availability of presentation materials and replay on the company's investor relations website.

Cipher Mining Inc. (NASDAQ: CIFR) reported strong financial results for the first quarter of 2024, with a GAAP net income of $40 million and non-GAAP adjusted earnings of $63 million. The company is expanding its self-mining hash rate from ~7.7 EH/s to ~9.3 EH/s by the end of the third quarter of 2024 and aims to reach ~25.1 EH/s by the end of 2025. Cipher is investing in a new 300 MW data center at Black Pearl, accelerating its construction plans to complete the facility in 2025.

Cipher Mining Inc. (NASDAQ:CIFR) released an operational update for April 2024, mining 1296 BTC and holding 2,033 BTC at the end of the month. The company deployed 70,000 mining rigs with an operating hash rate of 7.7 EH/s. Following Bitcoin's fifth epoch, Cipher normalized production after a spike in network transaction fees. The CEO anticipates benefits as a low-cost producer post-halving.