Cipher Mining (CIFR) Stock Is On An Upward Trajectory, Why?

Cipher Mining Inc. (NASDAQ: CIFR) shares are currently experiencing an upward trajectory in today’s recent trading session. As of the last check, Cipher Mining stock has surged by 19.59%, reaching a trading price of $3.76. This increase in CIFR stock value is closely tied to a strategic acquisition move.

Cipher Mining (CIFR) has formally entered into an agreement with Bitmain, involving the procurement of 37,396 units of the latest Antminer T21 miners. This acquisition translates to a self-mining capacity of 7.1 EH/s, set for delivery in the first half of 2025. Additionally, Cipher Mining has exercised the option to potentially acquire an extra 45,706 miners, representing 8.7 EH/s in 2024.

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This strategic agreement positions CIFR to uphold its reputation for astute investments during downtrends in the bitcoin mining cycle. Through the acquisition of 7.1 EH/s of Bitmain’s T21 mining rigs, Cipher Mining is poised to develop the initial 135 MW at its recently acquired Black Pearl site.

Moreover, CIFR holds the option to acquire up to an additional 8.7 EH/s of T21s in 2024. Leveraging its customized software and operational framework, along with favorable pricing dynamics in the ERCOT market, Cipher Mining is well-positioned to exploit the distinctive energy modes of the T21 for maximum profitability at Black Pearl.

Notably, by securing a highly advantageous price of $14/TH for mining rigs, CIFR is effectively managing its most significant potential capital expenditure and securing favorable terms in anticipation of an anticipated bitcoin bull market. Should Cipher Mining opt to exercise its full purchase option, it would possess a sufficient number of mining rigs to support an additional 165 MW of infrastructure.

CIFR is actively exploring various appealing opportunities for expansion in the near term, both at different sites in 2024 and the ongoing development of Black Pearl in 2025. Through the acquisition of rigs at favorable prices, Cipher Mining has laid a solid foundation for its forthcoming extensive expansion endeavors.

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