![]() ![]() Cipher is targeting an impressive hash rate of 7.2 EH/s by the end of Q3, generating further production growth.įintel’s short squeeze quant analysis on the stock gives CIFR a score of 88.36 and ranks the stock at 70th on the US stock leaderboard currently screening 4,596 stocks.ĬIFR currently has short interest of around 9.1 million shares currently shorted, according to FINRA, with 4.66 days to cover on average. ![]() ![]() The company sold 350 bitcoins in June to fund operating expenses across all sites and ongoing capital expenditures at its Odessa, Texas facility, which is currently in the final stages of construction. In other operational highlights, Cipher's current 'HODL' balance - a term used by cryptocurrency investors to describe the act of holding onto assets regardless of market fluctuations - grew to 417 bitcoins, up from 407 bitcoins in May. Cipher’s hash rate, grew by around 12% to 6.7 exahash per second (EH/s) from the previous month's 6.0 EH/s.ĮH/s stands for exahashes per second, which is a unit of measurement used to quantify the computational power of a cryptocurrency mining network. This move was facilitated by the deployment of 11,000 recently acquired Canaan mining rigs, boosting Cipher's total deployed rig count to around 65,000. Making the most of its power purchase agreement (PPA), Cipher sold power back to the grid during the high-demand period, which generated over $1 million in power sale revenue. Market commentators believe the fall was related to a normalization in transaction fees versus the prior month that could now act as a temporary windfall.ĭespite record high temperatures, weak wind production, and record demand for power presenting operational challenges, Cipher found ways to leverage these circumstances. Cipher Mining's performance has been a sight to behold, despite a slight 27% dip in the number of Bitcoins mined in June 2023 - from May's 493 bitcoins to June's 360. ![]()
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