Shares of Cipher Mining Inc. (NASDAQ: CIFR) plummeted 5.30% in pre-market trading on Wednesday after the bitcoin mining company reported a wider net loss for the third quarter of 2024. The company incurred a net loss of $86.8 million or $0.26 per share, primarily due to a non-cash change in the fair value of its derivative asset.

However, when excluding non-cash and one-time items, Cipher Mining's adjusted loss narrowed to $3.4 million or $0.01 per share, nearly flat compared to the previous quarter. The company's resilience amid challenging industry conditions highlights its efforts to maintain low-cost operations and focus on strategic initiatives.

During the quarter, Cipher Mining made significant strides in executing its long-term growth strategy. The company completed the acquisitions of the Barber Lake data center site with 300 MW of capacity and the Reveille site with 70 MW of capacity and potential to expand to 200 MW. Additionally, Cipher secured options to purchase or lease three sites in Texas, each with a targeted power capacity of 500 MW, positioning itself as a major player in the data center development space.