Cipher Mining Reports Q2 2025 Earnings, Surpasses Growth Targets and Expands Self-Mining Capacity to 16.8 EH/s

Cipher Mining reported Q2 2025 earnings of $44 million revenue and $30 million non-GAAP adjusted earnings. The company exceeded growth targets with its Black Pearl Phase I site, increasing self-mining capacity to 16.8 EH/s. Cipher Mining is developing Black Pearl Phase II, integrating AI compute and hydro-bitcoin mining capabilities, and has a pipeline of 2.6 gigawatts of site capacity. Despite a net loss of $46 million, the company's adjusted earnings reflect a more favorable financial position.

Cipher Mining Inc. (CIFR) reported its Q2 2025 earnings, showcasing strong operational performance and strategic expansion plans. The company generated $44 million in revenue, up from $49 million in Q1 2025, and reported a non-GAAP adjusted earnings of $30 million, compared to $6 million in the previous quarter.

The company's Black Pearl Phase I site exceeded growth targets, increasing self-mining capacity to 16.8 exahash per second (EH/s). CEO Rodney Tyler Page highlighted that the company is on track to reach 23.5 EH/s by the end of Q3 2025, surpassing the previously stated target of 23.1 EH/s. This growth was driven by the successful commencement of Bitcoin mining at the Black Pearl data center ahead of schedule.

Cipher Mining is also developing Black Pearl Phase II, which aims to integrate AI compute and hydro-bitcoin mining capabilities. The company has a pipeline of up to 2.6 gigawatts of site capacity, with the construction of Black Pearl Phase II envisioning 150 megawatts of infrastructure. The company raised approximately $168 million in net proceeds from its first convertible senior notes offering to fund this expansion.

Despite a net loss of $46 million, the company's adjusted earnings reflect a more favorable financial position. The all-in weighted average power cost was reported at $0.031 per kilowatt hour, with the CEO attributing the slight increase to Black Pearl Phase I coming online. The company's average all-in electricity cost was approximately $27,324 per Bitcoin produced at its data centers.

Looking ahead, Cipher Mining expects to continue its growth trajectory, with a focus on operational efficiency and strategic tenant engagement. The company is also exploring potential deals for its HPC development opportunities, such as Barber Lake, which Page described as "one of the most compelling HPC development opportunities in the U.S. today."

References:

[1] https://seekingalpha.com/news/4481806-cipher-mining-outlines-plan-to-reach-23_5-exahash-by-q3-2025-while-advancing-hybrid-hpc

[2] https://www.marketscreener.com/news/cipher-mining-inc-reports-earnings-results-for-the-second-quarter-and-six-months-ended-june-30-202-ce7c5edfdc8efe20

[3] https://www.ainvest.com/news/cipher-mining-q2-2025-key-contradictions-black-pearl-transition-hyperscaler-deals-financing-strategies-2508/