深入了解 Cipher Mining 2024 年第三季的業績。從收入挑戰到機隊升級、資料中心擴展和人工智慧/高效能運算計畫的策略投資。了解這個比特幣礦機的下一步是什麼！

以下客座文章來自Bitcoinminingstock.io，提供有關比特幣礦業股票的全面數據、深入研究和分析

Bitcoin miner Cipher Mining (NASDAQ: CIFR) has公布了Q3 2024 financial results, showcasing a decline in revenue but highlighting strategic investments in fleet upgrades, data center expansion, and plans for AI/HPC.

比特幣礦商Cipher Mining（納斯達克股票代碼：CIFR）公佈了2024 年第三季財務業績，顯示收入下降，但強調了在機隊升級、數據中心擴張和人工智慧/高效能運算計畫方面的戰略投資。

After concluding TeraWulf's journey as a rising Bitcoin miner in my previous analysis, it's time to shift our focus to another interesting player in the industry - Cipher Mining.

在我之前的分析中結束了 TeraWulf 作為崛起的比特幣礦工的旅程之後，是時候將我們的注意力轉移到行業中另一個有趣的參與者 - Cipher Mining 上。

The company has quietly carved out its position in the market, and we'll delve into its recent performance, operational updates, and future prospects.

該公司已悄悄在市場上佔有一席之地，我們將深入研究其近期業績、營運更新和未來前景。

Basic Profile

基本概況

Cipher Mining is a U.S.-based Bitcoin mining company that positions itself as a data center developer. Its operations are primarily located in Texas, where the company leverages the state's favorable energy infrastructure.

Cipher Mining 是一家總部位於美國的比特幣挖礦公司，將自己定位為資料中心開發人員。其業務主要位於德克薩斯州，該公司利用該州有利的能源基礎設施。

Currently, Cipher's operating facilities include:

目前，Cipher 的營運設施包括：

Odessa data center: This wholly-owned facility has a capacity of 150 MW and houses a significant portion of Cipher's mining fleet.

敖德薩資料中心：這個全資設施的容量為 150 兆瓦，容納了 Cipher 採礦機隊的很大一部分。

Black Pearl data center: Acquired in December 2023, this 300 MW data center is under development in Winkler County, Texas.

Black Pearl 資料中心：這座 300 MW 資料中心於 2023 年 12 月收購，位於德州溫克勒縣，目前正在開發中。

Reveill data center: This 70 MW site was recently acquired and has the potential to be expanded into a 200 MW data center, pending regulatory approval.

Reveill 資料中心：這個 70 MW 網站最近被收購，有潛力擴展到 200 MW 資料中心，有待監管部門批准。

Beyond Bitcoin mining, Cipher also participates in grid curtailment programs to optimize profitability.

除了比特幣挖礦之外，Cip​​her 還參與電網限電計劃以優化盈利能力。

Similar to Riot Platforms, Cipher leverages ERCOT's low-cost energy grid and programs like the Four Coincident Peak (4CP) to manage electricity usage during high-demand periods.

與 Riot Platforms 類似，Cipher 利用 ERCOT 的低成本能源網格和四重合峰值 (4CP) 等計劃來管理高需求期間的用電情況。

In Q3 2024, Cipher reported $1.4M in power sales, generated by selling electricity to ERCOT when profitable. This additional revenue stream supports the company's operating costs.

2024 年第三季度，Cipher 報告的電力銷售額為 140 萬美元，這是透過在盈利時向 ERCOT 出售電力產生的。這一額外的收入來源支持了公司的營運成本。

Not So Pretty Q3 2024 Performance

不太漂亮 2024 年第三季業績

In Q3 2024, Cipher reported $24.1M in revenue, a 35% QoQ and 20.5% YoY decline. This drop was primarily driven by reduced Bitcoin production.

2024 年第三季度，Cipher 報告營收為 2,410 萬美元，季減 35%，年減 20.5%。這一下降主要是由於比特幣產量減少所致。

The company mined 493 BTC in Q3, down from 638 BTC in Q2.

該公司第三季開採了 493 比特幣，低於第二季的 638 比特幣。

Moreover, seasonal surges in electricity rates during ERCOT's summer 4CP periods further compounded the impact.

此外，ERCOT 夏季 4CP 期間電價的季節性激增進一步加劇了影響。

During this period, Cipher's cost of revenue rose to $15.1M, up from $13.0M in Q3 2023. Net losses widened to $87M, a stark contrast to the $19M loss in Q3 2023.

在此期間，Cipher 的營收成本從 2023 年第三季的 1,300 萬美元升至 1,510 萬美元。

Contributing factors included higher depreciation costs associated with new mining rigs and facilities, as well as derivative losses linked to power contracts.

影響因素包括與新採礦設備和設施相關的較高折舊成本，以及與電力合約相關的衍生性商品損失。

As a result, Cipher's gross margin declined significantly, from 57.1% in Q3 2023 to 37.5% in Q3 2024.

因此，Cipher 的毛利率大幅下降，從 2023 年第三季的 57.1% 下降至 2024 年第三季的 37.5%。

Together, these numbers paint an undesirable picture of operational pressure for Cipher.

這些數字共同描繪了 Cipher 營運壓力的不良情況。

A Change of Perspective

視角的改變

Amid operational challenges, Cipher's total assets grew to $775.4M as of Q3 2024, up from $566.1M at the start of the year. This growth reflects significant investments in its Bitcoin treasury and mining infrastructure.

面對營運挑戰，截至 2024 年第三季度，Cipher 的總資產從年初的 5.661 億美元增至 7.754 億美元。這一增長反映出對其比特幣金庫和採礦基礎設施的大量投資。

Bitcoin Treasury Strategy: Hold Some and Sell Some

比特幣財政部策略：持有一些並出售一些

As of September 30, 2024, Cipher held 1,512 Bitcoin valued at approximately $138.1M, up from 796 Bitcoin valued at $32.98M at the end of last year.

截至 2024 年 9 月 30 日，Cipher 持有 1,512 個比特幣，價值約 1.381 億美元，高於去年年底的 796 個比特幣，價值 3,298 萬美元。

However, compared to Q2, Cipher had a 33.4% (923 BTC) decline due to strategic sales.

然而，與第二季相比，由於策略性銷售，Cipher 下降了 33.4%（923 BTC）。

In September, Cipher sold a good portion of its Bitcoin holdings, raising $67.5M to finance the acquisition of the 300 MW Barber Lake facility. This approach allows the company to leverage its Bitcoin treasury for liquidity while minimizing equity issuance.

9 月份，Cipher 出售了其持有的大部分比特幣，籌集了 6,750 萬美元，用於收購 300 兆瓦的 Barber Lake 設施。這種方法使該公司能夠利用其比特幣金庫來獲得流動性，同時最大限度地減少股票發行。

Fleet Upgrade: Strengthening Operational Efficiency

機隊升級：提升營運效率

Investments in fleet upgrades significantly impacted Cipher's cost structure.

機隊升級投資極大地影響了 Cipher 的成本結構。

Since Q4 2023, Cipher entered agreements with Bitmain and Canaan to acquire cutting-edge mining rigs:

自 2023 年第四季起，Cipher 與 Bitmain 和 Canaan 簽訂了收購尖端礦機的協議：

Bitmain's Antminer S21 Pro and Canaan’s A1566 will be utilized to replace less efficient machines at Cipher’s Odessa facility, rather than being deployed at the Black Pearl Facility.

Bitmain 的 Antminer S21 Pro 和 Canaan 的 A1566 將用於替換 Cipher 敖德薩工廠效率較低的機器，而不是部署在 Black Pearl 工廠。

To align with these upgrades, Cipher revised the useful lives of its mining rigs from five years to three years effective from June 1, 2024. This change added $9.4M and $12.2M in depreciation amortization expense for Q3 2024, which heavily contributed to the net loss.

為了配合這些升級，Cipher 將其採礦設備的使用壽命從5 年修改為3 年，自2024 年6 月1 日起生效。折舊攤銷費用，這對淨值做出了巨大貢獻損失。

In Q3 24, the company integrated Bitmain's Antminer S21 Pro and

24年第三季度，該公司整合了比特大陸的螞蟻礦機S21 Pro和