A filing showed interest expense of $66.7 million against mining revenue of $24.8 million, while the Bitcoin miner ended June with 646 Bitcoin valued at $37.8 million.
Cipher Digital sold 1,619 Bitcoin for $123.4 million and recognized a $47.7 million loss, underscoring the pressure on mining operators as financing costs outweigh coin-production income. The company's filing showed $66.7 million in interest expense and $24.8 million in mining revenue. As of the end of June, Cipher held 646 Bitcoin worth $37.8 million. Quarterly mining revenue declined from $43.6 million a year earlier, and the company posted a second-quarter loss of $23.5 million.