Cipher Mining Remains Confident After Reporting Q2 Losses
Cipher Mining is a U.S. based Bitcoin mining company. The company released results for its second quarter ending June 30, 2022.
Highlights:
Upcoming facilities
Cipher Mining finished deployment and installment of 40 MW (Megawatts) wind-powered facility in Alborz, Texas, producing up to 1.3 Exahash per second (EH/s)
This would produce around 5.7 BTC per day
Cipher has two other mining facilities nearly ready for deployment
The Bear and Chief facilities are awaiting reciept of mining rigs, which are currently en-route
Total initial capacity of 20 MW, expecting to produce up to 0.6 EH/s
Their largest upcoming facility in Odessa has its initial mining rigs shipping soon
This facility will be capable of 205 MW
Net Loss
Cipher reported a net loss of $29.2 million, which equates to around $0.12 per share. Marathon Digital Holdings reported $192 million net loss yesterday. Marathon is also still on track to expand their facilities.
Texas
Texas has been experiencing countless energy outages and issues. Miners in the state are required to shut down or slow operations whenever necessary by the state. This was likely a major contributor for the net losses reported by the mining firms with operations in Texas.
Texas is still experiencing smaller outages in areas near Houston, Waco, Dallas, and more cities. Some areas still have 4% of customers without power.
