Bitcoin mining firm Cipher Mining saw its revenues rise to $36.81 million in the second quarter, up from $31.22 million in the same period last year. However, despite the revenue growth, the company still reported a net loss of $15 million, slightly higher than the $13.2 million net loss recorded in the previous year. Nevertheless, Cipher Mining's financial position remains strong, with its cash and cash equivalents increasing significantly from $86.11 million at the end of 2023 to $122.56 million. This growth is mainly attributed to the successful issuance of $163.28 million worth of common stock by the company. Furthermore, Cipher Mining currently operates with an approximate hash rate of 8.7 EH/s and plans to boost this to 13.5 EH/s by the end of 2024, and further to 35.0 EH/s by the end of 2025. To achieve these goals, the company has signed agreements for the option to acquire three renewable energy sites totaling 1.5 gigawatts (GW) of cumulative power capacity.