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Cipher Mining Inc. - cifrw STOCK NEWS

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Cipher Mining Inc. is an emerging technology company operating in the Bitcoin mining ecosystem in the United States. Specializing in Bitcoin mining, the company is focused on expanding and strengthening the critical infrastructure of the Bitcoin network. With recent achievements in producing around 2961 BTC in April, Cipher is on a growth trajectory. The company is led by CEO Tyler Page, who anticipates reaping the benefits of being a low-cost producer in the market. With ongoing site expansions and operational updates, Cipher is poised to become a market leader in Bitcoin mining innovation.

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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.

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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.

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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.

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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.

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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.

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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.

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Cipher Mining Inc. (NASDAQ: CIFR) has scheduled a business update conference call to release its first quarter 2024 financial results on May 7, 2024. The conference call will be held at 8:00 a.m. Eastern Time and can be accessed via webcast or telephone.
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Cipher Mining Inc. (NASDAQ:CIFR) released its unaudited production and operations update for March 2024, highlighting key metrics like BTC mined, power sales, and deployed mining rigs. The CEO praised the team's performance despite challenges, emphasizing growth in bitcoin inventory and progress on data center expansions.
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Cipher Mining Inc. (CIFR) announced fourth-quarter GAAP earnings of $10.6m and non-GAAP earnings of $27.8m. Full-year 2023 revenues reached $126.8m. The company increased its hash rate to 7.4 EH/s in the first quarter of 2024 and aims to reach 9.3 EH/s by the end of the third quarter, with a potential growth to 25 EH/s by the end of 2025. CEO Tyler Page highlighted the strong performance driven by operational efficiency.
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Cipher Mining Inc. released its production and operations update for February 2024, highlighting key metrics such as BTC mined, power sales, BTC sold, and more. The company produced 334 BTC amidst a network hash rate increase of 9.4%, sold 33 BTC, and ended the month with a balance of 1,433 BTC. Cipher will host its Q4 and FY 2023 results call on March 5th, providing insights into financials, operations, and growth plans.
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FAQ

What is Cipher Mining Inc. focused on?

Cipher Mining Inc. specializes in Bitcoin mining, aiming to expand and strengthen the critical infrastructure of the Bitcoin network.

Who leads Cipher Mining Inc.?

The company is led by CEO Tyler Page, who anticipates reaping the benefits of being a low-cost producer in the market.

What were Cipher Mining Inc.'s highlights in April 2024?

In April 2024, Cipher produced around 2961 BTC and made good progress on site expansions, positioning the company as a low-cost producer in the market.

What is the future growth plan for Cipher Mining Inc.?

Cipher Mining Inc. expects to have a self-mining hash rate of 13.5 EH/s by the end of 2024, with further expansion plans to reach 35 EH/s in 2025.

Cipher Mining Inc.

Nasdaq:CIFRW

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