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Cipher Mining Shares Drop 17.4% Following 2024 Financial Report
Bitcoin mining company Cipher Mining has seen its shares plummet by a whopping 17.4% after releasing its financial results for the year 2024. While the revenue saw an increase of nearly 19% to $151 million, operating losses more than doubled from $20.1 million in 2023 to $43.7 million in 2024.
In a statement following the earnings release, Cipher Mining’s CEO Tyler Page expressed optimism about the company’s direction and growth plans. “We had an extremely productive fourth quarter at Cipher, as we continued the on-time execution of our growth and expansion plans,” he said.
Despite the decline in shares, there are some positive signs for investors. The company has managed to increase its infrastructure pipeline capacity to 2.8 gigawatts, with plans to develop high-performance computing (HPC) and bitcoin mining data centers.
Source: https://blockonomi.com/cipher-mining-shares-drop-17-4-following-2024-financial-report/
