Cipher Mining (CIFR) Jumps On Increased Mined Bitcoin
Bitcoin mining company Cipher Mining has reported a 9.4% increase in its average monthly network hash rate in February 2024, with 334 units mined.
The company sold 33 BTC to fulfill its treasury management process, leaving 1,433 BTC as its balance. With 70,000 mining rigs and a month-end operating hash rate of 7.4 EH/s, Cipher Mining shares (CIFR) saw a 6% jump, closing at $3.09. The company plans to provide more updates on March 5 during its fourth-quarter and full-year 2023 results call.
The Bitcoin mining ecosystem is also exploring financing its short-term expansion using the nine thousand Bitcoins listed on its balance sheet. Despite these uncertainties, most miners are profiting as the Bitcoin price rallied to $63,000 earlier this week, currently worth $62,521.34, up by 2.02% in the past 24 hours.
(With inputs from Shikha Singh)
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