Cipher Mining (US:CIFR)2025-08-07 12:00Operations and Hashrate Growth - Cipher Mining's self-mining hashrate increased from approximately 16.8 EH/s in Q2 2025 to approximately 20.4 EH/s currently, with an expected increase to approximately 23.5 EH/s in Q3 2025[16] - Black Pearl Phase I construction was completed, deploying approximately 6.9 EH/s, with plans to increase to approximately 10.0 EH/s in Q3 2025 after purchasing approximately 1.5 EH/s of Canaan A15 Pro rigs[17] - The company's operating capacity, including JV capacity, is approximately 477 MW, with a future potential capacity of approximately 2.6 GW across 7 sites[14] Financial Performance - Revenues increased from $37 million in Q2 2024 to $44 million in Q2 2025, representing an approximately 18.9% increase year-over-year[61] - Adjusted earnings improved significantly from a loss of $3 million in Q2 2024 to a profit of $30 million in Q2 2025[62] - GAAP net earnings decreased from a loss of $15 million in Q2 2024 to a loss of $46 million in Q2 2025[62] - Adjusted earnings per share increased from a loss of $0.01 in Q2 2024 to earnings of $0.08 in Q2 2025[62] Development Pipeline - Black Pearl Phase I has a total power capacity of 150 MW and Black Pearl Phase II has a total power capacity of 150 MW[40] - The Barber Lake site has an approved power capacity of 300 MW and a total acreage of 587 acres[42][43] - The Stingray site has an approved power capacity of 100 MW and a total acreage of 250 acres, with energization expected in Q3 2026[48][49][52] Bitcoin Holdings and Power Costs - Cipher Mining held approximately 1,063 BTC in Q2 2025, compared to approximately 1,034 BTC in Q1 2025[11] - The weighted average power price is approximately 3.1 cents/kWh[14] - The power cost per BTC in Q2 2025 was $27,324[14]