Cipher Mining Inc. (CIFR) saw its stock surge 6.55% in the pre-market trading session on Tuesday, February 25, 2025, following the company's impressive fourth quarter and full-year 2024 financial results and expansion plans.
The bitcoin mining and data center operator reported Q4 2024 net earnings of $18 million and adjusted earnings of $51 million, or $0.14 per diluted share, beating analyst estimates. The strong financial performance was driven by the company's continued execution of growth and expansion plans.
Cipher Mining completed the upgrade of its Odessa fleet, increasing its total self-mining hashrate to approximately 13.5 EH/s. Additionally, the company closed the acquisition of the Stingray data center site with 100 MW of front-of-the-meter capacity and secured additional land adjacent to its existing sites for future expansion.
The company's Phase I of the Black Pearl data center, featuring 150 MW of capacity and expected to generate over 9.5 EH/s, remains on track to energize in the second quarter of 2025. With a 2.8 GW pipeline and proven execution track record, Cipher Mining aims to become a leading data center developer for High-Performance Computing (HPC) infrastructure while maintaining its position as a best-in-class bitcoin miner.
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