Cipher Mining Stock Is Up Over 6% In Wednesday's Pre-Market: What's Going On?

Benzinga·07/02/2025 08:33:36

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Cipher Mining, Inc. (NASDAQ:CIFR) shares rose in Wednesday’s pre-market session as the company scales up its Bitcoin (CRYPTO: BTC) mining operations.

What happened: Cipher's Black Pearl facility in Texas commenced operations last week with an initial hashrate of 2.5 exahashes per second (EH/s), with Phase I projected to reach 9.6 EH/s. The company aims to achieve a total hashrate of 23.1 EH/s by the third quarter.

Cipher said it started mining Bitcoin at the site "ahead of schedule."

$CIFR has successfully energized and commenced hashing at our Black Pearl site! We're proud to have safely and efficiently delivered this best-in-class data center in just 16 months.

With today's update, we have accomplished the following:
* Successfully energized 300 MW Black… pic.twitter.com/8fQsMtO0Jj
— Cipher Mining (@CipherInc) June 23, 2025

Last month, analysts from Cantor Fitzgerald reiterated a "Buy" rating for the stock, raising the price target to $6 from $4, according to finance website Insider Monkey.

Cipher, having a market capitalization of $1.64 billion, builds and operates industrial-scale data centers for Bitcoin mining and high-performance computing activities.

Price Action: Shares of Cipher were up 6.12% in pre-market trading after closing 2.51% higher at $4.90 during Tuesday’s regular trading session, according to data from Benzinga Pro. The stock has soared 25% in a week and over 50% in the past month.

CIFR demonstrated modest Momentum and Value scores as of this writing. Want to know how it stacks against bigger Bitcoin mining companies like MARA Holdings Inc. (NASDAQ:MARA)? Visit Benzinga Edge Stock Rankings.

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