The miner posted $47.7 million in realized losses and ended June with $66.7 million in Q2 interest expense against $24.8 million in mining revenue before Black Pearl rent began.
Cipher Digital sold 1,619 Bitcoin in the first half for $123.4 million as the miner leaned on coin sales, stock issuance and project debt to fund heavy spending. The company booked $47.7 million in realized losses, including $23.5 million in the second quarter, while Q2 interest expense reached $66.7 million against $24.8 million in mining revenue, roughly 2.7-to-1. Quarterly mining revenue fell from $43.6 million a year earlier, and all second-quarter revenue came from Bitcoin mining at Odessa. Cipher ended June with 646 Bitcoin worth $37.8 million, alongside $831.8 million in cash and cash equivalents and $3.73 billion of restricted cash. Operations used $152 million of cash in the first half, while property and equipment spending totaled $964.3 million. Financing activities provided a net $2.84 billion, including $129.2 million from at-the-market stock sales. The company said Black Pearl rent started after June 30, with initial data center capacity delivered at the beginning of August, two months ahead of the original schedule, meaning the third quarter will be the first to reflect that rental stream. A separate $150.5 million noncash warrant charge tied to Google backing the Barber Lake lease widened quarterly net loss to $267.5 million.