Cipher Mining Announces August 2023 Operational Update; Cipher Produced ~357 BTC In August, Representing A ~15% Decrease MoM; Cipher Sold ~355 BTC In August, Ending The Month With A Balance Of ~519 BTC
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Cipher Mining Inc. (NASDAQ:CIFR) released its unaudited production and operations update for August 2023. The company produced ~357 BTC in August, a ~15% decrease MoM, and sold ~355 BTC, ending the month with a balance of ~519 BTC. Cipher continued to expand operations at its Odessa facility and expects to energize all rigs in early September, bringing the total self-mining hash rate to 7.2 EH/s. The company also added a $10mm term credit facility with Coinbase to its treasury management platform.
September 01, 2023 | 8:08 pm
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Cipher Mining's BTC production decreased by 15% MoM in August 2023, but the company is expanding its operations and has added a $10mm term credit facility with Coinbase.
The decrease in BTC production could negatively impact Cipher Mining's short-term earnings. However, the company's expansion of operations and addition of a credit facility with Coinbase could provide long-term benefits. The impact on the stock price is uncertain in the short term.
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