Cipher Mining Stock Is Up Over 6% In Wednesday's Pre-Market: What's Going On?

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Cipher Mining, Inc. CIFR shares rose in Wednesday’s pre-market session as the company scales up its Bitcoin BTC/USD mining operations.

What happened: Cipher's Black Pearl facility in Texas commenced operations last week with an initial hashrate of 2.5 exahashes per second (EH/s), with Phase I projected to reach 9.6 EH/s. The company aims to achieve a total hashrate of 23.1 EH/s by the third quarter.

Cipher said it started mining Bitcoin at the site "ahead of schedule."

Last month, analysts from Cantor Fitzgerald reiterated a "Buy" rating for the stock, raising the price target to $6 from $4, according to finance website Insider Monkey.

Cipher, having a market capitalization of $1.64 billion, builds and operates industrial-scale data centers for Bitcoin mining and high-performance computing activities.

Price Action:  Shares of Cipher were up 6.12% in pre-market trading after closing 2.51% higher at $4.90 during Tuesday’s regular trading session, according to data from Benzinga Pro. The stock has soared 25% in a week and over 50% in the past month.

CIFR demonstrated modest Momentum and Value scores as of this writing. Want to know how it stacks against bigger Bitcoin mining companies like MARA Holdings Inc. MARA? Visit Benzinga Edge Stock Rankings.

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