Cipher Digital sells 1,619 Bitcoin at 47 million loss before Black Pearl rent

Cipher Digital sold 1,619 Bitcoin for 123.4 million dollars, incurring 47.7 million dollars in realized losses. The company reported 66.7 million dollars in interest expenses against 24.8 million dollars in mining revenue, resulting in a ratio of approximately 2.7-to-1. As of June 30, Cipher held 646 Bitcoin valued at 37.8 million dollars, with quarterly mining revenue dropping from 43.6 million dollars a year earlier, including 23.5 million dollars in realized losses for the second quarter. Revenue for the second quarter was solely from Bitcoin mining at Odessa. The rent for the Black Pearl data center began after June 30, with initial capacity delivered in early August, ahead of schedule. Cipher did not disclose amounts collected or a quarter-by-quarter ramp, complicating the assessment of its financial position relative to Bitcoin sales and external financing. In the first half, operations consumed 152 million dollars in cash, while Cipher invested 964.3 million dollars in property and equipment. Financing activities provided a net 2.84 billion dollars, including 129.2 million dollars from stock sales. As of June 30, Cipher had 831.8 million dollars in cash and cash equivalents, plus 3.73 billion dollars in restricted cash. A noncash warrant charge of 150.5 million dollars increased Cipher's quarterly net loss to 267.5 million dollars. The third quarter will be the first to include Black Pearl rent, which will reveal the extent of funding pressure.

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