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

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."

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.

Read Next: 

• UnitedHealthcare Group, Gryphon Digital Mining, AMC Entertainment, Centene, And Tesla: Why These 5 Stocks Are On Investors’ Radars Today
  

Photo: Shutterstock