Cipher Mining announces Black Pearl's Phase I exceeding hashrate targets, reaching 3.4 EH/s, with plans for further growth.
Quiver AI Summary
Cipher Mining Inc. announced that Phase I of its Black Pearl project is now delivering approximately 3.4 EH/s of self-mining capacity, surpassing previous estimates of 2.5 EH/s for Q2 2025. The total self-mining hashrate has reached around 16.8 EH/s, with expectations to scale to about 23.1 EH/s after all installations are completed. The company recently released its operational update for June 2025, highlighting the production of approximately 1,601 BTC and a strategic decision to curtail operations to avoid costly power penalties, which has contributed to low power costs. Cipher sold 58 BTC in June, ending with a balance of about 1,063 BTC. The company remains focused on developing large-scale data centers for bitcoin mining and high-performance computing.
Potential Positives
- Cipher Mining announced its Phase I of Black Pearl is delivering ~3.4 EH/s of self-mining capacity, surpassing previous guidance of 2.5 EH/s, indicating strong operational performance.
- The total self-mining hashrate has reached ~16.8 EH/s, with expectations to scale to ~23.1 EH/s, reflecting significant growth potential.
- The company's proactive curtailment strategy successfully avoided costly penalties and maintained some of the industry's lowest power costs, showcasing effective cost management.
- Cipher produced ~1,601 BTC in June, strengthening its operational output and enhancing its market position.
Potential Negatives
- While the company exceeded its previous hashrate guidance, the proactive curtailment strategy may indicate challenges in meeting market demand or profitability, raising questions about long-term operational viability.
- The reliance on a strategic decision to curtail operations to avoid costly penalties suggests potential operational inefficiencies that could impact future performance.
- The heavy use of forward-looking statements highlights the inherent uncertainties in the company's future performance, which may concern investors seeking stability and predictability.
FAQ
What is Cipher Mining's current self-mining hashrate?
Cipher Mining's current self-mining hashrate is approximately 16.8 EH/s, with plans to scale up to 23.1 EH/s.
How much bitcoin did Cipher mine in June 2025?
Cipher mined about 1,601 BTC in June 2025.
What is the significance of the Black Pearl Phase I launch?
The Black Pearl Phase I launch increased Cipher's self-mining capacity to approximately 3.4 EH/s, exceeding initial guidance.
How does Cipher manage its power costs?
Cipher implements a 4CP avoidance strategy to maintain low power costs and avoid penalties associated with high demand.
Where can I find more information about Cipher Mining?
More information about Cipher Mining can be found on their official website at https://www.ciphermining.com/.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$CIFR Hedge Fund Activity
We have seen 115 institutional investors add shares of $CIFR stock to their portfolio, and 84 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- SOFTBANK GROUP CORP. added 10,438,413 shares (+inf%) to their portfolio in Q1 2025, for an estimated $24,008,349
- MILLENNIUM MANAGEMENT LLC added 4,050,381 shares (+inf%) to their portfolio in Q1 2025, for an estimated $9,315,876
- ALYESKA INVESTMENT GROUP, L.P. added 3,084,284 shares (+inf%) to their portfolio in Q1 2025, for an estimated $7,093,853
- SAMLYN CAPITAL, LLC removed 2,485,387 shares (-100.0%) from their portfolio in Q1 2025, for an estimated $5,716,390
- FIRST FINANCIAL BANKSHARES INC removed 2,397,424 shares (-100.0%) from their portfolio in Q1 2025, for an estimated $5,514,075
- LONE PINE CAPITAL LLC removed 2,344,380 shares (-100.0%) from their portfolio in Q1 2025, for an estimated $5,392,074
- MORGAN STANLEY added 2,219,151 shares (+161.5%) to their portfolio in Q1 2025, for an estimated $5,104,047
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
$CIFR Analyst Ratings
Wall Street analysts have issued reports on $CIFR in the last several months. We have seen 1 firms issue buy ratings on the stock, and 0 firms issue sell ratings.
Here are some recent analyst ratings:
- H.C. Wainwright issued a "Buy" rating on 05/06/2025
To track analyst ratings and price targets for $CIFR, check out Quiver Quantitative's $CIFR forecast page.
Full Release
NEW YORK, July 02, 2025 (GLOBE NEWSWIRE) --
Cipher Mining Inc.
(NASDAQ:CIFR)
(“Cipher” or the “Company”) today announced that Phase I of Black Pearl is now delivering ~3.4 EH/s of self-mining capacity, exceeding the Company’s prior guidance of 2.5 EH/s for the second quarter of 2025. Hashrate will continue to increase at the site through the third quarter of 2025 as new mining rigs continue to be delivered in scheduled batches, gradually replacing legacy units. Cipher’s total self-mining hashrate has now reached ~16.8 EH/s, and the Company maintains its expectations to scale to ~23.1 EH/s upon completion of the installation.
In addition, the Company today released its unaudited production and operations update for June 2025. While the report includes initial contributions from Black Pearl, which started hashing at the end of the month, the production numbers also reflect the Company’s strategic decision to curtail more deliberately as part of its proactive 4CP avoidance strategy. This approach allowed the Company to avoid costly 4CP penalties and maintain its position as having some of the lowest power costs in the industry. Insights from June will inform further refinements to the curtailment model for the remainder of the summer.
Key Highlights
Key Metrics | June 2025 |
BTC Mined 1 | 160 |
BTC Sold | 58 |
BTC Held | 1,063 |
Deployed Mining Rigs | 104,000 |
Month End Operating Hashrate (EH/s) | 16.8 |
Month End Fleet Efficiency (J/TH) | 20.8 |
1
Includes June power sales estimates (based on current meter data and nodal prices) equivalent to ~5 bitcoin (using month-endbitcoin priceof $107,221) and ~19 BTC mined at JV data centers representing Cipher’s ownership
Bitcoin Production and Operations Updates for June 2025
Cipher produced ~160
1
BTC in June. As part of its regular treasury management process, Cipher sold ~58 BTC in June, ending the month with a balance of ~1,063 BTC.
Black Pearl Phase I Infrastructure
Black Pearl Phase I Infrastructure
About Cipher
Cipher is focused on the development and operation of industrial-scale data centers for bitcoin mining and HPC hosting. Cipher aims to be a market leader in innovation, including in bitcoin mining growth, data center construction and as a hosting partner to the world's largest HPC companies. To learn more about Cipher, please visit
https://www.ciphermining.com/
.
Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of the federal securities laws of the United States. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with these safe harbor provisions. Any statements made in this press release that are not statements of historical fact, such as, statements about the Company’s beliefs and expectations regarding its planned business model and strategy, its bitcoin mining and HPC data center development, timing and likelihood of success, capacity, functionality and timing of operation of data centers, expectations regarding the operations of data centers, such as projected hashrate, and management plans and objectives, are forward-looking statements and should be evaluated as such. These forward-looking statements generally are identified by the words “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “seeks,” “intends,” “targets,” “projects,” “contemplates,” “believes,” “estimates,” “strategy,” “future,” “forecasts,” “opportunity,” “predicts,” “potential,” “would,” “will likely result,” “continue,” and similar expressions (including the negative versions of such words or expressions).
These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by Cipher and its management, are inherently uncertain. Such forward-looking statements are subject to risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. New risks and uncertainties may emerge from time to time, and it is not possible to predict all risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: volatility in the price of Cipher’s securities due to a variety of factors, including changes in the competitive and regulated industry in which Cipher operates, Cipher’s evolving business model and strategy and efforts it may make to modify aspects of its business model or engage in various strategic initiatives, variations in performance across competitors, changes in laws and regulations affecting Cipher’s business, and the ability to implement business plans, forecasts, and other expectations and to identify and realize additional opportunities. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of Cipher’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024 filed with the Securities and Exchange Commission (“SEC”) on February 25, 2025, and in Cipher’s subsequent filings with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Cipher assumes no obligation and, except as required by law, does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.
Website Disclosure
The company maintains a dedicated investor website at
https://investors.ciphermining.com/
(“Investors’ Website”). Financial and other important information regarding the Company is routinely posted on and accessible through the Investors Website. Cipher uses its Investors’ Website as a distribution channel of material information about the Company, including through press releases, investor presentations, reports and notices of upcoming events. Cipher intends to utilize its Investors’ Website as a channel of distribution to reach public investors and as a means of disclosing material non-public information for complying with disclosure obligations under Regulation FD. In addition, you may sign up to automatically receive email alerts and other information about the Company by visiting the “Email Alerts” option under the Investors Resources section of Cipher’s Investors’ Website and submitting your email address.
Contacts:
Investor Contact:
Courtney Knight
Head of Investor Relations at Cipher Mining
courtney.knight@ciphermining.com
Media Contact:
Ryan Dicovitsky / Kendal Till
Dukas Linden Public Relations
CipherMining@DLPR.com
1
Includes June power sales estimates (based on current meter data and nodal prices) equivalent to ~5 bitcoin (using month-endbitcoin priceof $107,221) and ~19 BTC mined at JV data centers representing Cipher’s ownership
Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/e617a33f-8d22-4573-adb6-ef975fcc5000
https://www.globenewswire.com/NewsRoom/AttachmentNg/7922fa8e-f1c3-4660-bcbe-2f4cd1efbf08
This article was originally published on Quiver News, read the full story.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
