Cipher Mining Inc.
- Open
- 17.00
- Day high
- 17.83
- Day low
- 16.13
- Prev close
- 17.72
- Volume
- 22.8M
- Mkt cap
- $7.2B
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 10.1
- P/S
- 34.2
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$81.4M over the last 3 months (0 open-market buys, 12 sales)
- 🏛Institutions accumulating (13F)
Cipher Mining Inc. (CIFR) is a Financial Services company listed on NASDAQ. The stock is up 176% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 12 sales (SEC Form 4).
Cipher Mining Inc. (CIFR) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 8 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
CIFR earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 5, 2026 | $-0.27 | $-0.28 | -3.7% | $35M | -3.5% |
| Feb 24, 2026 | $-0.12 | $-1.92 | -1500.0% | $60M | +107.6% |
| Aug 7, 2025 | $-0.12 | $-0.12 | +0.0% | $44M | -44.8% |
| Oct 31, 2024 | $-0.08 | $-0.26 | -225.0% | $24M | -39.7% |
| Mar 5, 2024 | $0.02 | $0.05 | +219.9% | $43M | +3.9% |
| Mar 14, 2023 | $-0.07 | $-0.21 | -200.0% | $3M | -34.0% |
| Nov 14, 2022 | $-0.07 | $-0.06 | +14.3% | — | — |
| Mar 4, 2022 | — | $-0.30 | — | — | — |
| Nov 12, 2021 | — | $-0.01 | — | — | — |
| Aug 10, 2021 | — | $-0.00 | — | — | — |
| May 7, 2021 | — | $-0.00 | — | — | — |
| Feb 17, 2021 | — | $-0.00 | — | — | — |
CIFR insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 2, 2026 | Page Tylerdirector, officer: Chief Executive Officer | Option | 113,225 | — |
| Jul 2, 2026 | Kelly Patrick Arthurofficer: Co-President and COO | Tax | 39,016 | $24.50 |
| Jul 2, 2026 | Kelly Patrick Arthurofficer: Co-President and COO | Option | 76,427 | — |
| Jul 2, 2026 | Page Tylerdirector, officer: Chief Executive Officer | Tax | 130,053 | $24.50 |
| Jul 2, 2026 | Page Tylerdirector, officer: Chief Executive Officer | Option | 105,285 | — |
| Jul 2, 2026 | Page Tylerdirector, officer: Chief Executive Officer | Tax | 57,802 | $24.50 |
| Jul 2, 2026 | Iwaschuk Williamofficer: Co-President and CLO | Tax | 18,784 | $24.50 |
| Jul 2, 2026 | Page Tylerdirector, officer: Chief Executive Officer | Tax | 53,748 | $24.50 |
| Jul 2, 2026 | Iwaschuk Williamofficer: Co-President and CLO | Option | 33,967 | — |
| Jul 2, 2026 | Iwaschuk Williamofficer: Co-President and CLO | Option | 76,427 | — |
| Jul 2, 2026 | Mumford Gregory J.D.officer: Chief Financial Officer | Option | 17,108 | — |
| Jul 2, 2026 | Iwaschuk Williamofficer: Co-President and CLO | Tax | 42,265 | $24.50 |
| Jul 2, 2026 | Kelly Patrick Arthurofficer: Co-President and COO | Tax | 17,341 | $24.50 |
| Jul 2, 2026 | Kelly Patrick Arthurofficer: Co-President and COO | Option | 33,967 | — |
| Jul 2, 2026 | Iwaschuk Williamofficer: Co-President and CLO | Tax | 16,375 | $24.50 |
Source: CIFR SEC Form 4 filings, latest Jul 2, 2026. For informational purposes only — not investment advice.
See the full CIFR insider & 13F page →Cipher Mining Inc. company profile
Overview
Cipher Mining Inc. (NASDAQ:CIFR) is a technology company that operates in the Bitcoin mining ecosystem and is expanding into high-performance computing (HPC) data center development. Founded in 2021 and based in New York, the company went public in October 2020 through a SPAC merger. Cipher has evolved from a pure-play Bitcoin mining operation to a diversified data center infrastructure company, leveraging its expertise in large-scale power management and data center construction to serve both cryptocurrency mining and traditional computing workloads.
Business
Cipher Mining operates in two primary business segments within the data center and cryptocurrency industries. Bitcoin mining represents the company's core legacy business, where specialized computer hardware called ASIC miners solve complex mathematical problems to validate Bitcoin transactions and earn newly minted Bitcoin as rewards. This process, known as "proof of work," requires enormous amounts of electricity and computing power, making access to low-cost energy and efficient hardware critical success factors. The company's Bitcoin mining operations are conducted through wholly-owned facilities and joint venture partnerships. The flagship Odessa facility in Texas generates approximately 87% of the company's Bitcoin production, operating at 11.3 exahashes per second (EH/s) - a measure of computational power. Joint venture sites including Bear, Chief, and Alborz contribute the remaining production capacity. Cipher's emerging second business line focuses on high-performance computing (HPC) data center development. HPC refers to the use of supercomputers and parallel processing techniques to solve complex computational problems, often required by artificial intelligence, scientific research, and cloud computing applications. The company is pivoting toward developing large-scale data centers that can host equipment for hyperscale cloud providers like Amazon, Microsoft, and Google, who require massive computing infrastructure to support their services. The Bitcoin mining segment currently generates approximately 100% of revenue, though the company is actively pursuing HPC tenant agreements that could diversify this revenue mix significantly in the coming years. The HPC business model targets much higher margins (around 80% gross margins) compared to the cyclical and volatile Bitcoin mining operations.
Revenue model
Cipher Mining generates revenue primarily through Bitcoin mining operations, where the company earns newly created Bitcoin by operating mining hardware that validates blockchain transactions. Revenue fluctuates based on three key variables: the number of Bitcoin mined (determined by hash rate and network difficulty), the market price of Bitcoin, and operational efficiency. The company's customers are essentially the Bitcoin network itself, as miners receive predetermined rewards for successfully mining blocks. The business model faces significant margin pressures from several factors. Electricity costs represent the largest operational expense, making access to low-cost power contracts essential - Cipher maintains an all-in electricity cost of approximately $0.027 per kilowatt hour. Bitcoin halving events, which occur roughly every four years and cut mining rewards in half, create major margin compression that requires operational efficiency improvements to maintain profitability. Network difficulty adjustments and competition from other miners also impact the amount of Bitcoin earned per unit of computing power. The emerging HPC data center business operates on a co-location revenue model, where Cipher develops and operates data center facilities and leases space, power, and cooling infrastructure to hyperscale tenants under long-term contracts (typically 15+ years). This model provides more stable, predictable revenue streams compared to Bitcoin mining's volatility. Customers include major cloud computing providers who pay monthly fees for data center services. Factors that could improve margins include securing additional low-cost power contracts, upgrading to more efficient mining hardware, successful deployment of HPC facilities with high-quality tenants, and favorable Bitcoin price movements. Margin pressures come from rising electricity costs, Bitcoin price volatility, increasing mining difficulty, equipment obsolescence, and competition for HPC tenant relationships.
Competitive moat
Cipher Mining's competitive advantages center around access to low-cost electricity and large-scale site development capabilities, though these represent relatively modest moats in a capital-intensive industry. The company's primary strength lies in its ability to secure and develop rare, large-scale data center sites with substantial power capacity - a capability that becomes increasingly valuable as demand for both Bitcoin mining and HPC infrastructure grows. The company's power procurement expertise provides some competitive advantage, with electricity costs of $0.027 per kilowatt hour significantly below industry averages. However, this advantage is not insurmountable, as other well-capitalized competitors can potentially secure similar power arrangements. The operational efficiency of Cipher's mining fleet (18.9 joules per terahash) demonstrates technical competence but represents an advantage that can be replicated by competitors with sufficient capital investment. The transition into HPC data centers could potentially strengthen Cipher's moat by creating long-term contracted revenue streams with creditworthy hyperscale tenants. The company's ability to develop sites suitable for both Bitcoin mining and HPC workloads provides operational flexibility that some pure-play competitors lack. However, the moat remains relatively weak overall. Bitcoin mining is fundamentally a commodity business where success depends primarily on access to cheap electricity and efficient hardware - advantages that can be competed away by well-funded rivals. The HPC data center business, while potentially more stable, faces intense competition from established data center operators with deeper relationships, more capital, and proven track records with hyperscale customers. Cipher's small scale relative to major data center REITs and infrastructure companies limits its negotiating power and financial resources for large-scale development projects.
Risks & safety
The margin of safety appears limited given the company's cash burn, growth capital requirements, and cyclical business model. • Cash and liquidity concerns: Only $23.2 million in cash and short-term investments as of Q1 2025, down from $122.6 million in Q2 2024, indicating rapid cash consumption • Negative free cash flow: -$147.3 million in Q1 2025, -$227 million for full year 2024, reflecting heavy capital expenditure requirements • Debt levels: Relatively low debt-to-equity ratio of 0.08, providing some financial flexibility • Current ratio: 1.11, indicating tight short-term liquidity position • Valuation metrics: Trading at 37.4x EV/EBITDA based on Q1 2025 results, though this reflects cyclical earnings volatility • Business model risk: Revenue highly dependent on Bitcoin price volatility and mining difficulty adjustments • Capital intensity: Requires substantial ongoing investment in mining equipment and data center development, with limited ability to generate cash during Bitcoin price downturns
Recent development
Over the past two years, Cipher Mining has undergone a significant strategic transformation from pure Bitcoin mining to a diversified data center infrastructure company. The company began this pivot in 2024 by launching its HPC infrastructure business, targeting hyperscale cloud providers who require large-scale computing facilities for artificial intelligence and cloud computing workloads. Key operational developments include the expansion of mining capacity from 5.2 EH/s in early 2023 to a current 13.5 EH/s, with plans to reach 23.1 EH/s by Q3 2025. The company completed construction of its flagship Odessa facility and began development of the Black Pearl data center, a 300-megawatt facility scheduled to energize in Q2 2025. Cipher has also acquired multiple greenfield development sites including Stingray, Barber Lake, and Reveille, building a pipeline of approximately 2.8 gigawatts of potential data center capacity. Financial partnerships have become increasingly important to the company's growth strategy. SoftBank invested $50 million in the company, and Cipher recently signed a term sheet with Fortress Credit Advisors for financing the Barber Lake data center development. The company has also implemented a Bitcoin treasury management strategy, holding approximately 1,500 Bitcoin while hedging about 10% of holdings to manage price volatility. The most significant strategic shift involves pursuing HPC tenant relationships as an alternative to Bitcoin mining. Management indicates advanced discussions with multiple hyperscale customers for long-term lease agreements, with the potential to convert planned Bitcoin mining capacity to HPC hosting if attractive tenant terms can be secured. This strategy aims to generate more stable, higher-margin revenue streams compared to the cyclical Bitcoin mining business.
CIFR company profile · for informational purposes only — not investment advice.
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