Cipher Mining Posts $114 Million First-Quarter Loss as Bitcoin Mining Revenue Falls
JH Kim
Summary
- Cipher Mining (CIFR) reported a $114 million first-quarter loss.
- Its Bitcoin mining revenue fell to $35 million from $49 million, while the value of its Bitcoin holdings dropped to $76 million from $125 million.
- Markets are focused on how weaker mining profitability affects corporate earnings, with Bitcoin prices and mining cost structures 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.
Cipher Mining (CIFR) reported a $114 million loss in the first quarter, crypto media outlet The Block reported on May 5.
That was more than double the $39 million loss recorded 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.
Markets are watching how weaker mining profitability affects corporate earnings. Bitcoin prices and mining cost structures remain key variables.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
