Cipher Mining Inc. saw its shares plummet nearly 17.5% on February 25 after reporting a more than doubling of operating losses to $43.7 million for the full year 2024, despite a 19% revenue increase to $151 million. The firm expanded its self-mining hashrate to 13.5 EH/s and is progressing on its “Black Pearl” site, set to energize in Q2. Although the stock closed at $4.10, it remains up about 20% over the past year.
about Cipher Mining Reports Increased Losses Leading to Significant Stock DeclineCipher Mining Inc. Common Stock
0 in Finance and 0 in Crypto last weekBitcoin Miners Experience Significant Production Decline Amid Rising Difficulty and Hash Rate
Public miners experienced a 15% month-over-month decline in Bitcoin production in January, producing 3,267 BTC as mining difficulty and hash rate reached all-time highs. While Riot Platforms reported a slight increase, other major miners like Marathon Digital and Hut 8 faced significant drops in output. The surge in mining difficulty, which rose 5.6% to 114.1 trillion, alongside a record hash rate of 845.42 EH/s, has intensified competition and reduced profitability, with hashprice falling to $54 per petahash daily.
about Bitcoin Miners Experience Significant Production Decline Amid Rising Difficulty and Hash RateSoftBank Invests 50 Million in Cipher Mining for HPC Growth
SoftBank has invested $50 million in Cipher Mining to enhance its high-performance computing (HPC) infrastructure, aiming to strengthen its presence in AI and blockchain sectors. This partnership will facilitate Cipher’s expansion in data centers and improve access to SoftBank’s global technology network, positioning the company for future growth in both crypto and AI applications.
about SoftBank Invests 50 Million in Cipher Mining for HPC Growth