© Reuters.
NEW YORK – Cipher Mining Inc. (NASDAQ:), a company engaged in the development and operation of bitcoin mining data centers, announced its production and operating results for the month of December 2023. The company made reported an approximately 7.4% increase in bitcoin production from the previous month, mining approximately 465 bitcoins despite a 6.3% increase in the network’s monthly average hash rate.
Cipher CEO Tyler Page attributed the improved performance to high transaction fees on the Bitcoin network, favorable mining conditions in Texas, and the diligent efforts of the company’s operations team. Cipher Mining also sold approximately 228 bitcoins as part of its cash management process, ending December with a balance of approximately 796 bitcoins.
The company’s operational update further states that it deployed approximately 70,000 mining rigs as of the end of December, achieving an operational hash rate of 7.2 exahash per second (EH/s) at the end of the month. In line with its growth strategy, Cipher Mining entered into transactions to acquire new advanced mining rigs and ended the year with significant liquidity, holding approximately $120 million in bitcoin and cash reserves, with no additional debt.
This production and operations update is based on a press release issued by Cipher Mining.
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