Bitcoin miner sells 1,619 Bitcoin at a $47 million loss before its AI data center paid rent
Cipher Digital sold 1,619 Bitcoin for $123.4 million in the first half and realized $47.7 million in losses, while quarterly mining revenue fell to $24.8 million from $43.6 million a year earlier. Interest expense was $66.7 million, far above mining revenue, and the second quarter included $23.5 million of the realized loss. By June 30, Cipher held 646 Bitcoin valued at $37.8 million. Cash burn was heavy: operations used $152 million in the first half, and property and equipment spending totaled $964.3 million. Financing provided $2.84 billion, including $129.2 million from at-the-market stock sales. End-of-quarter liquidity was $831.8 million in cash and $3.73 billion in restricted cash, while Black Pearl project debt is secured at the project level. Black Pearl rent began after June 30 and started earlier than planned, but Cipher did not disclose the rent amount. The third quarter will be the first to fully reflect Black Pearl rent and reveal how much pressure has shifted onto operating cash flow and Bitcoin sales.
