深入了解 Cipher Mining 2024 年第三季度的业绩。从收入挑战到机队升级、数据中心扩展和人工智能/高性能计算计划的战略投资。了解这个比特币矿机的下一步是什么！

以下客座文章来自Bitcoinminingstock.io，提供有关比特币矿业股票的全面数据、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.

比特币矿商 Cipher Mining（纳斯达克股票代码：CIFR）公布了 2024 年第三季度财务业绩，显示收入下降，但强调了在机队升级、数据中心扩张和人工智能/高性能计算计划方面的战略投资。

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.

在我之前的分析中结束了 TeraWulf 作为崛起的比特币矿工的旅程之后，是时候将我们的注意力转移到行业中另一个有趣的参与者 - 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.

该公司已悄然在市场上占据一席之地，我们将深入研究其近期业绩、运营更新和未来前景。

Basic Profile

基本概况

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 是一家总部位于美国的比特币挖矿公司，将自己定位为数据中心开发商。其业务主要位于德克萨斯州，该公司利用该州有利的能源基础设施。

Currently, Cipher's operating facilities include:

目前，Cipher 的运营设施包括：

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

敖德萨数据中心：这个全资设施的容量为 150 兆瓦，容纳了 Cipher 采矿机队的很大一部分。

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

Black Pearl 数据中心：这座 300 MW 数据中心于 2023 年 12 月收购，位于德克萨斯州温克勒县，目前正在开发中。

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 数据中心：这个 70 MW 站点最近被收购，有潜力扩展到 200 MW 数据中心，有待监管部门批准。

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

除了比特币挖矿之外，Cip​​her 还参与电网限电计划以优化盈利能力。

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.

与 Riot Platforms 类似，Cipher 利用 ERCOT 的低成本能源网格和四重合峰值 (4CP) 等计划来管理高需求期间的用电情况。

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 报告的电力销售额为 140 万美元，这是通过在盈利时向 ERCOT 出售电力产生的。这一额外的收入来源支持了公司的运营成本。

Not So Pretty Q3 2024 Performance

不太漂亮 2024 年第三季度业绩

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 报告收入为 2410 万美元，环比下降 35%，同比下降 20.5%。这一下降主要是由于比特币产量减少所致。

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

该公司第三季度开采了 493 比特币，低于第二季度的 638 比特币。

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

此外，ERCOT 夏季 4CP 期间电价的季节性激增进一步加剧了影响。

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.

在此期间，Cipher 的收入成本从 2023 年第三季度的 1300 万美元升至 1510 万美元。净亏损扩大至 8700 万美元，与 2023 年第三季度的 1900 万美元亏损形成鲜明对比。

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

影响因素包括与新采矿设备和设施相关的较高折旧成本，以及与电力合同相关的衍生品损失。

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，从 2023 年第三季度的 57.1% 下降至 2024 年第三季度的 37.5%。

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

这些数字共同描绘了 Cipher 运营压力的不良情况。

A Change of Perspective

视角的改变

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.

面对运营挑战，截至 2024 年第三季度，Cipher 的总资产从年初的 5.661 亿美元增至 7.754 亿美元。这一增长反映出对其比特币金库和采矿基础设施的大量投资。

Bitcoin Treasury Strategy: Hold Some and Sell Some

比特币财政部策略：持有一些并出售一些

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 个比特币，价值约 1.381 亿美元，高于去年年底的 796 个比特币，价值 3298 万美元。

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

然而，与第二季度相比，由于战略销售，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币，筹集了 6750 万美元，用于收购 300 兆瓦的 Barber Lake 设施。这种方法使该公司能够利用其比特币金库来获得流动性，同时最大限度地减少股票发行。

Fleet Upgrade: Strengthening Operational Efficiency

机队升级：提升运营效率

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

机队升级投资极大地影响了 Cipher 的成本结构。

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

自 2023 年第四季度起，Cipher 与 Bitmain 和 Canaan 签订了收购尖端矿机的协议：

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 将用于替换 Cipher 敖德萨工厂效率较低的机器，而不是部署在 Black Pearl 工厂。

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.

为了配合这些升级，Cipher 将其采矿设备的使用寿命从 5 年修改为 3 年，自 2024 年 6 月 1 日起生效。这一变化在 2024 年第三季度增加了 940 万美元和 1,220 万美元的折旧摊销费用，这对净值做出了巨大贡献损失。

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

24年第三季度，该公司集成了比特大陆的蚂蚁矿机S21 Pro和