{"id":817344,"date":"2025-02-25T07:24:10","date_gmt":"2025-02-25T12:24:10","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/cipher-mining-provides-fourth-quarter-and-full-year-2024-business-update\/"},"modified":"2025-02-25T07:24:10","modified_gmt":"2025-02-25T12:24:10","slug":"cipher-mining-provides-fourth-quarter-and-full-year-2024-business-update","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/cipher-mining-provides-fourth-quarter-and-full-year-2024-business-update\/","title":{"rendered":"Cipher Mining Provides Fourth Quarter and Full Year 2024 Business Update"},"content":{"rendered":"
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\n Fourth Quarter 2024 Net Earnings of $18m, and Adjusted Earnings of $51m<\/em>\n <\/p>\n

\n Completed upgrade of Odessa fleet, increasing total self-mining hashrate to ~13.5 EH\/s<\/em>\n <\/p>\n

\n Completed acquisition of Stingray data center site, featuring 100 MW of front-of-the-meter capacity, all necessary regulatory approvals, and 250 acres of land adjacent to transmission assets<\/em>\n <\/p>\n

\n Completed acquisition of additional 337 acres of land adjacent to Barber Lake site and entered into 60-day exclusivity for negotiations to build an additional 500 MW HPC data center adjacent to the current site<\/em>\n <\/p>\n

NEW YORK, Feb. 25, 2025 (GLOBE NEWSWIRE) — Cipher Mining Inc.<\/u><\/a> (NASDAQ: CIFR) (\u201cCipher\u201d or the \u201cCompany\u201d) today announced its fourth quarter and full year 2024 financial results, with an update on its operations and business strategy.<\/p>\n

\u201cWe had an extremely productive fourth quarter at Cipher, as we continued the on-time execution of our growth and expansion plans,\u201d said Tyler Page, CEO. \u201cWe successfully upgraded our Odessa fleet, which grew our total self-mining hashrate to approximately 13.5 EH\/s. We are also nearing the completion of Phase I of Black Pearl, which remains on track to energize in the second quarter of this year.\u201d<\/p>\n

In addition, Cipher closed on the acquisition of Stingray, a data center site in West Texas with 100 MW of front-of-the-meter capacity. The Company also acquired 337 additional acres of land adjacent to its Barber Lake site, as well as entered into 60 days of exclusivity with Priority Power to negotiate building an additional 500 MW HPC data center adjacent to the current site.<\/p>\n

\u201cWith our 2.8 GW pipeline and proven track record of execution, we are confident in our vision of becoming a leading data center developer for HPC infrastructure while remaining best-in-class in bitcoin mining,\u201d said Mr. Page.<\/p>\n

\n Finance and Operations Highlights<\/strong>\n <\/p>\n