NEW YORK – Cipher Mining, Inc. (NASDAQ:), a $2.19 billion market capitalization company specializing in Bitcoin mining and data center operations, reported a significant increase in Bitcoin production in November 2024. The company mined approximately 2,021 Bitcoins and sold approximately 234 Bitcoins during the month, leaving a balance of approximately 21,383 Bitcoins by November. The stock has returned an impressive 114% over the past year, according to InvestingPro data, but it remains a volatile investment with high price fluctuations.
The company deployed a total of 76,000 mining rigs, with an operating hash rate of 12.0 EH/s and a fleet efficiency of 20.8 J/TH by the end of the month. These numbers reflect Cipher's continued efforts to upgrade its mining fleet and expand its operations. The company maintains a healthy liquidity position with a liquidity ratio of 2.57, but analysts at InvestingPro point out that rapid cash burn is a key consideration. For in-depth analysis and 15+ additional Pro Tips, subscribers have access to our comprehensive Pro Research Report.
Cipher Mining CEO Tyler Page highlighted progress in November, saying the company's team is actively upgrading its mining fleet in Odessa and developing a new Black Pearl data center. He expressed confidence that the Odessa upgrade will make Cipher's fleet the most efficient in the industry by the end of the year. Mr. Page also said that development of the Black Pearl data center is progressing well, with substation construction underway and expected to be energized by the end of the second quarter of 2025.
Additionally, Cipher Mining completed the acquisition of the 100 MW Stingray site in November, with plans to bring it to power in 2026. The site is a strategic addition to Cipher's portfolio, which currently has over 2.6 GW of potential power capacity across 11 sites.
Cipher Mining remains focused on developing and operating industrial-scale data centers for Bitcoin mining and hosting high performance computing (HPC) companies. Our recent activities and statements are forward-looking and are subject to risks and uncertainties that may affect future results.
Information in this article is based on press release statements from Cipher Mining Inc. Analysts expect the company to reach profitability this year, but investors seeking deeper insight into Cipher Mining's financial health, valuation metrics, and growth prospects can access the full analysis at the link below . InvestingPro's comprehensive research tools and expert reports.
In other recent news, Cipher Mining Inc. reported an increase in Bitcoin production in October, mining approximately 1,681 Bitcoins and selling approximately 248 BTC. The company's operational update also highlighted continued upgrades to its mining fleet and the development of its new Black Pearl data center. Additionally, Cipher Mining announced a strategic shift to developing high performance computing (HPC) data centers despite posting a third quarter GAAP net loss of $87 million.
The company has acquired five greenfield development sites in Texas that are suitable for both HPC operations and mining. Cipher Mining’s Bitcoin mining capacity reaches 10.5 exahashes per second and is expected to increase to 13.5 exahashes by the end of the year. The Black Pearl site is scheduled to power with a target capacity of 21.5 exahash per second in Q2 2025.
Additionally, Cipher Mining holds 1,508 Bitcoins and is expected to have a strategic advantage in the data center market due to the lack of large sites. These are the latest developments in the company's strategic shift amid a volatile Bitcoin market.
This article was generated with the help of AI and reviewed by an editor. Please see our Terms of Use for more information.
