Bitcoin miner Cipher sold 1,619 BTC for $123.4 million in the first half, booking a $47.7 million realized loss. The company faced $66.7 million in interest expense against just $24.8 million in mining revenue, a roughly 2.7-to-1 ratio that increases pressure on Bitcoin sales and financing. Black Pearl rent began in August, but Cipher disclosed no amount or quarterly ramp, leaving third-quarter cash burden unclear. As of June 30, the company held 646 BTC worth $37.8 million with $831.8 million in available cash.
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