Shares of Cipher Mining Inc., a US-based cryptocurrency mining firm, plummeted nearly 17.5% on February 25th after the release of its full-year 2024 financial results revealed significant operating losses. Despite reporting a 19% year-on-year revenue increase to $151 million for the fiscal year, Cipher’s operating losses more than doubled from $20.1 million in 2023 to $43.7 million in the recent year. This is attributed to substantial expenses associated with increasing its total self-mining hashrate to approximately 13.5 exahashes per second (EH/s) through upgrades at its Odessa, Texas site and acquiring a new data center facility with 100 megawatts of capacity in Texas. In addition, the firm purchased additional land adjacent to its existing site near Barber Lake, Texas, to support expansion plans.