Cipher Mining Inc. has shared an update on its Bitcoin production and operations for April of 2024. The network hashed approximately 296 BTC in April, whereas the minimum average monthly network hash rate has been enhanced by above 4.8%.
Firstly, Cipher reported not to trade any mined unit of Bitcoin in April, whereby its collection of Bitcoin stood at 2,033 at the end of the month. Therefore, the company’s mining is effectively running a Bitcoin inventory. Moreover, investors can learn more about Cipher’s operations and future plans during the company’s Q1 2024 earnings call scheduled for May 7th.
The last update was carried out a month after the halving of Bitcoin which cut the miner’s reward by half. Tyler Page, Cipher’s CEO, remarks that the company will greatly benefit from the position it currently holds while operating as one of the low-cost producers during the post-halving period.
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