Stocks that bounce back in a big way after having gone through a tough period are almost always of interest to investors and a stock that fits that particular bill is that of CIFR stock.
Last year, the Cipher Mining Inc (NASDAQ:CIFR) stock had gone through a slump but it has managed to go on a remarkable recovery in the New Year and so far in 2023, it has clocked gains of as much as 200%.
Cipher Mining Inc
Company Name: Cipher Mining Inc
Ticker: CIFR
Exchange: NASDAQ
Website: https://www.ciphermining.com
Cipher Mining Inc Summary:
Cipher is an emerging technology company focused on the development and operation of bitcoin mining data centers in the United States. Cipher is dedicated to expanding and strengthening the Bitcoin network’s critical infrastructure.
Together with its diversely talented team and strategic partnerships, Cipher aims to be a market leader in bitcoin mining growth and innovation.
Now, let’s analyze the latest news from CIFR stock:-
#1 January 2023 Operational Update
The company is involved in the development and operation of Bitcoin mining data centers and yesterday, it came into the news cycle after it announced its operations and production update for the month of January 2023. It should be noted that the numbers released by Cipher Mining were unaudited.
The company announced that it mined 343 Bitcoin tokens and sold 314 of those for the month, at the end of which it still held 424 Bitcoin tokens. The hash rate at the end of the month stood at 4.3 EH/s.
The company’s management noted that during the month Cipher continued to broaden its operations from out of Odessa, financed more capital expenditure, and built its Bitcoin inventory. At the start of the month, the company had the mining capability of 9.3 Bitcoin tokens a day but by the end of the month, it stood at 14 Bitcoin tokens a day. That reflected a rise of almost 51% in a matter of one month.
The CIFR stock has reacted positively after the update.
#2 Expands Operations at Odessa Data Center
Back on December 20, 2022, the company had been in the news after it announced that it got more mining rigs that were going to be installed at the Odessa data center that had been opened recently. The self-mining rate of the company was going to go up to 6 EH/s following the move.
#3 Stock Hits Multi-Month High On Solid Momentum
Last year, the stock had gone through a slump but it has managed to go on a remarkable recovery in the New Year and so far in 2023, it has clocked gains of as much as 200%.
The CIFR stock has recorded healthy trading volumes in 2023 so far and has been trading higher than all moving averages including 20-day and 50-day.
Following the recent momentum, the CIFR stock may continue to be an interesting play and we may see buying on every dip for the short term.
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