Tyler Page, CEO of Cipher Mining, says his company has been preparing for halving for a long time. He points to a transformation of miners from hobbyists to industrial companies like Cipher Mining, a multi-billion dollar company that runs large-scale data centres. These centres require years of preparation, aligned with halving cycles. Cipher Mining had a profitable quarter and is anticipating the post-halving effects.
To cope with the decline in mining rewards, Cipher Mining is focusing on reducing electricity costs, the main lever for controlling operating expenses. The company is distinguished by its energy hedging strategy, securing 96% of its energy supply at a fixed tariff, the lowest in the sector, which enables it to maintain high margins. Last month saw record revenues for the mining sector.
Bloomberg TV provided by MT Newswires
