CIFR - Why Cipher Mining Stock Is Roaring Back This Week
One of the big movers today, as well as over the past week, is Cipher Mining (NASDAQ: CIFR) , which has shown up on the radar of many investors. This relatively small-cap player in the world of Bitcoin mining has surged 23.9% at 1 p.m. ET today since last Friday's close.
The ultimate catalyst for this increase appears to be an update from two weeks ago that investors are still pricing in. The company is building out a fourth data center and has seen an 84% increase in its Bitcoin mining capacity in December. This amounts to a maximum capacity of roughly 6.6 bitcoin per day at its current state.
And institutional interest in Cipher Mining from VanEck Associates is also helping boost this stock. According to recent reports covering 13F filings, other institutional buyers have also shown interest in Cipher, suggesting this company could be one to watch in this sector.
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Why Cipher Mining Stock Is Roaring Back This Week