Quarterly Loss for Cipher Mining Widens Slightly in Q2
CryptoNewsTerminal Staff13 Aug, 2024
Quarterly Loss for Cipher Mining Widens Slightly in Q2
Cipher Mining, a Nasdaq-listed mining firm, reported a slightly wider net loss of $15 million for the second quarter of this year. This compares to a loss of $13.2 million in the same period last year. However, the company's revenue for the quarter grew to $36.81 million from $31.22 million a year ago. Cash and cash equivalents were $122.56 million, significantly higher than the $86.11 million recorded at the end of 2023. This improvement in cash position is likely due in part to a $163 million common stock offering. Despite the wider loss, Cipher Mining's revenue growth and strong cash position suggest that the company is well-positioned to navigate the current challenging market conditions.
