CIFR - Cipher Mining sells more bitcoins than produced in March

2023-04-03 16:22:40 ET

Cipher Mining ( NASDAQ: CIFR ) said Monday it generated 413 bitcoins ( BTC-USD ) in March, up 3.8% from February. At the same time, it sold 450 bitcoins vs. 357 in the prior month as part of its regular treasury management process.

During the month, Cipher ( CIFR ) expanded operations at its Odessa facility, which now has over 4.7 exahashes per second of self-mining capacity, bringing total self-mining capacity to 5.7 EH/s across all its sites, CEO Tyler Page pointed out.

Furthermore, "we were able to fund ongoing capex for Odessa from operations in March, without resorting to dilutive equity issuance or costly debt financing," he added.

The company energized 5,023 new Bitmain and MicroBT miners, representing a boost in hash rate of ~0.5 EH/s and a ~10% increase vs. the previous month.

Overall, it ended the month with a balance of 427 BTC.

CIFR slid 5% in after-hours trading, wiping out the 3% intraday gain.

Seeking Alpha contributor Mike Fay in mid-March viewed CIFR\as a Hold as "the untapped equity shelf is both an opportunity and a risk depending on how management uses it."

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