Cipher Mining Stock Is Rising Monday: What's Going On?

Cipher Mining Inc CIFR shares are trading higher Monday after the Bitcoin BTC/USD miner provided a production update for November.

What Happened: Cipher Mining said it mined 433 bitcoin last month. The company sold 391 bitcoin and is currently holding 558 coins. Cipher noted that it currently has 70,000 mining rigs deployed with a month end operating hash rate of 7.2 EH/s. 

"Cipher's production really hit its stride in November, when we mined more bitcoin than October despite having a day less on the calendar and average monthly network hash rate rising ~6.5% month-over-month," said Tyler Page, CEO of Cipher Mining.

"With Odessa fully up and running, we have continued to focus on improving machine repairs and available uptime, allowing us to achieve an all-time high site hash rate of ~6.24 EH/s at Odessa alone."

Cipher is a technology company focused on the development and operation of bitcoin mining data centers. The stock appears to also be getting a boost from a rise in the price of Bitcoin, which was up more than 5% over the last 24 hours at publication time. 

See Also: Bitcoin Crosses The $40K Threshold — Ethereum, Dogecoin Spike Too: FUD, FOMO To Dictate Whether $50K Arrives 'Sooner Rather Than Later,'

CIFR Price Action: Cipher Mining shares were up 12.2% at $3.30 at the time of publication, according to Benzinga Pro.

Photo: Pete Linforth from Pixabay.