Bitcoin miner Cipher Digital sold 1,619 bitcoin for $123.4 million and recognized a $47.7 million loss on the sale. PANews relayed the update on Aug. 6, citing Cryptoslate. A company filing showed interest expenses of $66.7 million in the reported period, versus mining revenue of $24.8 million. The ratio between those two figures was about 2.7 to 1. At the end of June, Cipher held 646 bitcoin valued at $37.8 million. The filing also showed quarterly mining revenue down from $43.6 million in the same period a year earlier. The second quarter produced a loss of $23.5 million. The sale amount, the loss, the interest expense, the mining revenue, and the remaining bitcoin balance were all in the filing and covered by Cryptoslate. Cipher's quarter included both the bitcoin sale and a decline in mining revenue compared with the prior year. The documented figures leave a clear gap between interest costs and revenue from mining operations.
Bitcoin miner Cipher Digital sold 1,619 bitcoin for $123.4 million and recognized a $47.7 million loss on the sale.
PANews reported the transaction on Aug. 6, citing Cryptoslate. A company filing showed interest expenses of $66.7 million and mining revenue of $24.8 million, a ratio of roughly 2.7 to 1.
At the end of June, Cipher held 646 bitcoin valued at $37.8 million.
Quarterly mining revenue fell from $43.6 million in the same period a year earlier. The second quarter produced a loss of $23.5 million.
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