Cipher Mining (CIFR) reported revenue of $43.6 million and non-GAAP adjusted earnings of $30.3 million in the second quarter of 2025, alongside a net loss of $45.8 million, or $0.12 per share—according to its Q2 update press release.
Cipher commenced hashing at Black Pearl Phase I in Q2, energizing the first 150 MW of the 300 MW site and delivering approximately 16.8 EH/s of self-mining capacity as of June 30. The site is on track to be equipped with next-generation mining rigs by the end of Q3 2025.
To fund its expansion, Cipher completed a $172.5 million convertible note offering and executed two fully funded orders for latest-generation miners, targeting total self-mining capacity of 23.5 EH/s by the end of the Q3.
Cipher also unveiled a strategic plan for Black Pearl Phase II that bridges HPC hosting and hydro-bitcoin mining. By pre-positioning infrastructure to Tier 1, 2, or 3 design specifications, the site can flexibly accommodate HPC tenants or shift to bitcoin mining as market demand dictates.
Read More: JonesResearch initiates Cipher Mining coverage with hold rating
At time of publication, CIRF is up 5% during pre-market hours.
