Cipher Mining (CIFR) Skyrockets 15.9% as Mining Capacity Exceeds Targets
Cipher Mining Inc. (NASDAQ:CIFR) is one of the Double Digit Gains: 10 Stocks Soaring Like Crazy.
Cipher Mining rallied by 15.92 percent on Wednesday to close at $5.68 apiece following news that it exceeded its self-mining capacity guidance for the second quarter of the year.
In a statement, Cipher Mining Inc. (NASDAQ:CIFR) said that the first phase of Black Pearl successfully delivered 3.4 EH/s, exceeding its earlier guidance of 2.5 EH/s, putting its total self-mining hash rate to 16.8 EH/s.
A close-up of a laptop with a Bitcoin ecosystem monitor running in the background.
“The company maintains its expectations to scale to ~23.1 EH/s upon completion of the installation,” it sai, adding that hash rate will continue to increase through the third quarter of the year as new mining rigs continue to be delivered in scheduled batches, gradually replacing legacy units.
Additionally, Cipher Mining Inc. (NASDAQ:CIFR) said it was able to mine 160 Bitcoins last month, putting its total ownership at 1,063 after selling 58 during the period.
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READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires.
Disclosure: None. This article is originally published at Insider Monkey.
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