Summary
- Cipher Mining (CIFR) reported a $114 million first-quarter loss.
- Bitcoin mining revenue fell from $49 million to $35 million, while the value of its Bitcoin holdings dropped from $125 million to $76 million.
- The market is watching how weaker mining profitability affects corporate earnings, with Bitcoin prices and mining cost structures emerging as key variables.
Forecast Trend Report by Period
Bitcoin miner Cipher Mining posted a first-quarter loss as both mining revenue and the value of its holdings fell.
The Block reported on May 5 that Cipher Mining (CIFR) recorded a $114 million loss in the first quarter.
That was more than double the $39 million loss reported a year earlier.
Bitcoin mining revenue fell to $35 million from $49 million.
The value of the company’s Bitcoin holdings also dropped to $76 million from $125 million.
Investors are focused on how weaker mining profitability is weighing on earnings. Bitcoin prices and mining cost structures are likely to be the key variables going forward.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
