Shares of Cipher Mining Inc. (NASDAQ: CIFR) plunged in pre-market trading on Wednesday, down 5.10%, after the company reported a net loss of $86.8 million or $0.26 per share in the third quarter of 2024. The headline loss was primarily driven by a non-cash change in the fair value of Cipher's derivative asset.

However, on an adjusted basis, the company reported a narrower loss of $3.4 million or $0.01 per share, nearly flat compared to the previous quarter. This underscores Cipher's resilience amid the challenging conditions faced by the bitcoin mining industry, which saw record low hashprices during the third quarter.

Despite the losses, Cipher Mining made significant strides in executing its long-term strategy during the quarter. The company completed the acquisitions of the Barber Lake data center site with 300 MW of capacity and the Reveille site with 70 MW of capacity and potential to expand to 200 MW. Additionally, Cipher secured options to purchase or lease three sites in Texas, each with a targeted power capacity of 500 MW, positioning itself as a major player in the data center development space.