“Rising Bitcoin Prices, Improved Efficiency, and Heavy Investment in High-Performance Computing Fueled A Strong Second Quarter for Mines, The Bank Said.”, – WRITE: www.coindesk.com
Cipher Mining’s (CIFR) 244 Megawatt (MW) Colocation Deal with FluidStack and Iren’s (Iren) Expansion to More than 23,000 GPUSCOred that Shift, The Bank Said in the Tuesday react.
Despite Surging Hashrates, The Bank’s Analysts Noted that Mines’ Gross Profits Rose Quarter-Over-Quarter, Buoyed by Higher Bitcoin Prices and More Efficient Fleets.
Production costs rose modestly as competition intensified and high-performance computing (HPC) Investments Expanded, The Analysts Said. Iren and Cipher Had the Lowest Power Costs per Bitcoin Mined at Roomhly $ 29,000 and $ 31.200, While Mara’s (Mara) Were the Highest at About $ 56.200. On a Fully Loaded Basis (Power Plus Cash Sg & A), Iren and Cleanspark (CLSK) LED WITH COSTS NEAR $ 54,000 and $ 60,000 per Coin, Compared With Riot’s (Riot) $ 81.000. Bitcoin Awed AROUND $ 98,500 in the Quarter, Leaving Most Operators Profitable.
JPMORGAN SAID MINers Also Accelerated Fundraising, Issuing ABOUT $ 590 Million in New Equity, Up Sharply From The First Quarter, With Much of It Flowing To HPC Projects. Iren Raissed $ 263 Million to Complete Its 50-Exaahsh Expansion and Begin Building A 75Mw Liquid-Cooled Data Center Called Horizon 1. Total Capex Across The Group Reachaned About ABOUT ABOUT But rising sequentally.
Mines Collectvely SPENT A RECORD $ 2.1 Billion on Energy, The Analysts Estimated, While Gross Profits Held Steady at Rootly $ 2.1 Billion, With Margins Near 53%.
The Bank Said Bitcoin’s Strength and Improving Efficiency Continued to Offset Network Growth, Sustaining Profitability Even Amid Escalating Competition.
Read More: Bitcoin Miners’ Market Cap Hit A Record in September: JPMorgan
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The Hot-Handed Bitcoin Miner Turned High-Performance Computing Play Could Raise As Much As $ 1 Billion in The Note Sale.
- Iren’s Stock Fell 6% After Announcing an $ 875 Million Convertible Debt Offering, with Potential to Increase to $ 1 Billion.
- The Convertible Notes, Maturing in July 2031, Will Fund Operations and Capd Call Transactions To Mitigate Share Dilution.
- Despite The Drop, Iren’s Stock Remains Up 1,000% from April Lows Due to Strong Ai Infrastructure Demand.
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