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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.
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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