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Dec 31, 2024
Cipher Q4 2024 Earnings Report
Cipher's Q4 2024 financial results were announced, showcasing growth and expansion.
Key Takeaways
Cipher Mining reported a net earnings of $18 million and adjusted earnings of $51 million for Q4 2024. The company completed the upgrade of its Odessa fleet, increasing its total self-mining hashrate to approximately 13.5 EH/s, and acquired the Stingray data center site.
Net earnings for Q4 2024 reached $18 million.
Adjusted earnings for Q4 2024 amounted to $51 million.
The Odessa fleet upgrade was completed, boosting total self-mining hashrate to ~13.5 EH/s.
Acquisition of the Stingray data center site with 100 MW capacity was finalized.
Cipher
Cipher
Forward Guidance
Cipher Mining is focused on the development and operation of industrial-scale data centers for bitcoin mining and HPC hosting.
Positive Outlook
- Completed upgrade of the Odessa fleet, increasing total self-mining hashrate to ~13.5 EH/s
- Completed acquisition of 100 MW Stingray data center site
- Completed acquisition of additional 337 acres adjacent to Barber Lake site
- Entered into exclusivity with Priority Power to negotiate building an additional 500 MW HPC data center adjacent to the Barber Lake site
- Construction of Phase I of Black Pearl, featuring 150 MW of capacity and expected to generate over ~9.5 EH/s, remains on track to energize in the second quarter of this year