09:45 AM EDT, 05/07/2024 (MT Newswires) -- Cipher Mining ( CIFR ) reported Q1 net income Tuesday of $0.13 per diluted share, swinging from a loss of $0.02 per share a year earlier.

Analysts surveyed by Capital IQ expected the company to break even during the quarter.

Revenue from Bitcoin mining for the quarter ended March 31 was $48.1 million, up from $21.9 million a year earlier.

Analysts polled by Capital IQ expected $50.6 million.

Shares of Cipher Mining ( CIFR ) were down more than 7% in recent trading.

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