What's Going On With Cipher Mining, Canaan Shares Thursday?

Cipher Mining Inc CIFR and Canaan Inc CAN are trending on Thursday. The companies agreed on a new Bitcoin BTC/USD miner purchase order.

What Happened: Cipher Mining entered into an agreement with Canaan on Dec. 29, under which two of its joint venture entities purchased 16,700 A1466 model mining machines with an average hash rate of 150T/s. 

Cipher purchased 11,000 similar models from Canaan last year. Those machines have now been delivered and installed. The new mining machines are expected to be delivered in April and May 2024. 

"We are excited to once again partner with Canaan for our 60 MW expansion at our Bear and Chief facilities. The Canaan machines we purchased last year are among the top-performing rigs in our fleet, especially in the hot summer months in Texas," said Tyler Page, CEO of Cipher Mining.

Cipher Mining and Canaan shares may also be getting a lift from an increase in the price of bitcoin. At the time of publication, bitcoin was up 2.61% over a 24-hour period at $43,358. Bitcoin is up more than 150% over a one-year period.

See Also: Bitcoin ETF, Goldman Sachs and BlackRock - What's Going On?

CIFR, CAN Price Action: At publication time, Cipher Mining shares were up 3.82% at $4.08 and Canaan shares were up 2.45% at $2.09, according to Benzinga Pro.

Photo: Laura from Pixabay.