Q2 2024 Cipher Mining Inc Earnings Call Transcript
Key Points
- Cipher Mining Inc (CIFR) has grown its self-mining capacity to 8.7 exahash per second with plans to reach 13.5 exahash per second by year-end 2024.
- The company has a very competitive all-in weighted average power price of $0.027 per kilowatt hour, driving best-in-class unit economics.
- Cipher Mining Inc (CIFR) is expanding its infrastructure with the upcoming 300-megawatt Black Pearl data center, expected to significantly boost capacity and efficiency.
- The company has secured a pipeline of up to 1.7 gigawatts of capacity across four new sites, positioning itself for future growth.
- Cipher Mining Inc (CIFR) is launching an HPC infrastructure business, leveraging its strengths in site access, experienced construction and operations team, and capital financing capabilities.
- The company reported a GAAP net loss of $15 million for the quarter, a sequential decrease of 138% from the prior quarter.
- Revenues were down 24% sequentially due to the halving and a significant drop in hash price.
- The cost of power on a percentage basis was down significantly, impacting overall financial performance.
- The company recorded a loss of $21 million on the fair value of its Bitcoin holdings due to a drop in Bitcoin price.
- Depreciation and amortization expenses increased by 17% sequentially, driven by changes in the depreciation schedule for miners.
Good day and welcome to the Cipher Mining second-quarter business update conference call.
(Operator Instructions) As a reminder, this call may be recorded.
I would now like to turn the call over to Joshua Kane, Head of Investor Relations. Please go ahead.
Good morning and thank you for joining us on this conference call to address Cipher Mining's second quarter 2024 business update. Joining me on the call today are Tyler Page, Chief Executive Officer, and Edward Farrell, Chief Financial Officer.
Please note that you may also review our press release and presentation, which can be found on the Investor Relations section of the company's website. Please note that this call will also be simultaneously webcast on the Investor Relations section of the company's website, and this conference call is the property of Cipher Mining and any taping or other reproduction is expressly prohibited without prior consent.
Before we start, I'd like to remind you that the following
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
