Several bitcoin miners published second-quarter earnings reports on Thursday, with Cipher (ticker CIFR), CleanSpark (ticker CLSK), and Hut 8 (ticker HUT) showing modest gains quarter-over-quarter amid BTC’s rising price between April and June.
Between the beginning and end of the quarter, bitcoin rose about 26% to about $109,000 from around $86,500, according to The Block's BTC price page. Bitcoin miners can see outsized benefits from the rising price of bitcoin due to the relatively stable nature of the cost of electricity.
Further, many miners have begun expanding into the high-powered compute business, providing services for data centers and AI projects.
Cipher revenue grows alongside investments
Cipher’s top line items include a net loss of $46 million in the quarter, in part driven by efforts to expand its infrastructure, including investments in getting the first 150 MW of its 300 MW Black Pearl site online. It also saw delivery of a “full fleet” of self-mining capacity at the end of the second quarter.
“The second quarter was marked by consistent execution and thoughtful investment to best position the company for the future,” Tyler Page, CEO of Cipher Mining, said in a statement. “With our 2.6-gigawatt pipeline, a strong track record of proven execution, and a focused strategy to position the company for the future, we’re well equipped to become a leading developer of HPC data centers, while continuing to set the standard in bitcoin mining.”
Cipher’s bitcoin mining revenues climbed to $43,565 in Q2, up from $36,808 in the year-ago period. Though its cost of revenue also climbed to $15,330 from $14,281 in the same period, while its net loss on income rose to $45,781 from $15,291.
The firm also completed a $172.5 million convertible note offering in the quarter, with proceeds going toward completion of the Black Pearl data center project, including purchasing mining rigs, covering tariffs, and shipping costs.
CIFR shares is down over 5% to $4.91, according to The Block's price page.
CleanSpark's near steady bitcoin production
Las Vegas-based CleanSpark, meanwhile, reported $181.7 million in quarterly revenue, up 62.5% from the year prior. The firm, which follows a different earnings report schedule where Q2 ends March 31, said it saw its bitcoin production figure grow to 1,957 BTC, with an average revenue per coin of $92,811.
Further, its most recent figures show the firm produced 671 BTC in July, 685 BTC in June, and 694 BTC in May. That totals to over $237 million worth of bitcoin over the past three months, at current prices. The firm’s bitcoin treasury holdings also rose to 12,703 BTC, following the sale of 575.97 BTC.
“We continued to self-fund our operations through strategic Bitcoin sales, enabling ongoing accumulation while avoiding any use of equity financing or shareholder dilution. At the same time, CleanSpark's total contracted power surpassed 1 gigawatt,” CEO Zach Bradford said in a statement.
Notably, CleanSpark is one of the few remaining “pure-play” bitcoin miners that has not expanded into fields like HPC.
“We believe that focus matters now more than ever, and we remain on track to reach our 50 EH/s target during June, all while growing our bitcoin treasury, strengthening the balance sheet, and prioritizing long-term stockholder value,” Bradford said. The firm will host an earnings call on Thursday afternoon.
CLSK is down about 3% to trade at $10.67, according to The Block's price page.
Hut 8's American Bitcoin deal
Finally, Hut 8 reported revenue of $41.3 million, net income of $137.5 million, and adjusted EBITDA of $221.2 million. This is up from around $35 million in the same period last year. The firm drove the majority of its revenue from its “compute” business, which includes its Bitcoin Mining, GPU-as-a-Service, and Data Center Cloud operations. This is in comparison to the second quarter of 2024, which recorded EBITA losses of $57.5 million.
Notably, Hut 8 also entered into a strategic partnership with Eric Trump, son of President Donald Trump, and Michael Saylor, who are executives in a newly launched subsidiary American Bitcoin, which aims to maximize its bitcoin holdings through mining. Trump is serving as chief strategy officer, while Donald Trump Jr. is named as a shareholder.
It also generated $5.5 million in second-quarter revenue from its Power Generation and Managed Services operations and $1.5 million from ASIC and CPU Colocation services, including from its "anchor tenant" American Bitcoin.
“In addition to completing an oversubscribed private placement and advancing toward a Nasdaq listing, American Bitcoin is now a dedicated anchor tenant for our Power and Digital Infrastructure segments,” Hut 8 CEO Asher Genoot said. “More broadly, this shift reflects the growing depth of our institutional partnerships, with marquee counterparties such as BITMAIN, Macquarie, Coinbase, and Anchorage each playing a central role in our execution this quarter.”
American Bitcoin expects to go public through a stock-for-stock merger with Gryphon Digital Mining, which will list under the ticker ABTC.
Hut 8 also increased its strategic bitcoin reserve by about 17% quarter-over-quarter to 10,667 BTC as of the end of June.
HUT is down 4% and trading under $20, according to The Block's price page.
