Cipher Mining (CIFR) Jumps Alongside Bitcoin Ahead of Q2 Results
Cipher Mining jumped by 11.04 percent on Tuesday to close at $6.94 apiece, tracking the rally in Bitcoin prices, while investors repositioned portfolios ahead of the release of its second quarter results.
According to the company, it is slated to release the results of its financial and operational performance for the April to June period on August 7. A conference call will be held at 8 AM Eastern Time.
As of this writing, prices of Bitcoin were up by 2.17 percent at nearly $120,000 apiece as investors grew more confident about the industry, with more financial institutions beginning to slowly adopt and offer cryptocurrency-related products.
Earlier this month, Cipher Mining Inc. (NASDAQ:CIFR) said it was able to mine 160 Bitcoins and sold 58 last month, bringing its total ownership to 1,063.
A close-up of a laptop with a Bitcoin ecosystem monitor running in the background.
It said the Bitcoins were produced at an operating hash rate of 16.8 EH/s.
In the third quarter, Cipher Mining Inc. (NASDAQ:CIFR) expects to ramp up its operational hash rate to around 23.1 EH/S with new mining rigs expected for delivery in scheduled batches.
While we acknowledge the potential of CIFR as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the .
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