What's Going On With Bitcoin Mining Stock Cipher Mining?

Cipher Mining Inc CIFR shares are trading lower Tuesday alongside several other bitcoin mining stocks as the price of bitcoin falls. Cipher also reported monthly mining metrics late Monday.

What To Know: Several bitcoin miners are facing selling pressure amid weakness in the crypto markets. Bitcoin was down about 6.28% over a 24-hour period, trading at $65,225 at the time of writing.

The selloff appears to be related to lower rate cut expectations from the Federal Reserve this year. The 10-year U.S. Treasury yield has climbed in recent sessions and was hovering around 4.389% at the time of writing.

Bitcoin miners receive a reward for successfully mining bitcoin transactions. The amount of rewards miners receive is set to be cut in half later this month. Crypto markets have historically rallied in the months following a halving event.

Cipher announced a mining update after the market close on Monday. The company said it mined 316 bitcoin last month, bringing its total bitcoin holdings up to 1,741. Cipher also sold approximately eight bitcoin in March as part of its regular treasury management.

“Cipher delivered another solid performance in March, which marks the completion of a remarkably strong first quarter of production,” said Tyler Page, CEO of Cipher.

“Despite significant curtailment from our power provider at Odessa for plant maintenance and the continuing growth in overall network hash rate, our team did an outstanding job maintaining our uptime and optimizing our portfolio.”

See Also: Two Bitcoin-Related ETFs Shine In March’s Top 10 Inflow Rankings: ‘This Tailwind Should Persist,’ Analysts Say

CIFR Price Action: Cipher Mining shares were down 11.1% at $4.35 at the time of publication, according to Benzinga Pro.

Photo: Eivind Pedersen from Pixabay.