Cipher Mining (CIFR) Climbs to New High on Growing Bitcoin Interest

We recently published 10 Stocks Skyrocket While Wall Street Sinks; 5 Quietly Hit New Record Highs. Cipher Mining Inc. (NASDAQ:CIFR) is one of the top performers on Friday.

Cipher Mining soared to a new all-time high on Friday, as investor sentiment was bolstered by the growing interest in Bitcoin.

At intra-day trading, Cipher Mining Inc. (NASDAQ:CIFR) surged to a new high of $8.10 before paring gains to end the day just up by 8.83 percent at $7.64 apiece.

This followed a flurry of positive developments across the sector, including increased Bitcoin adoption as evidenced by a growing number of cryptocurrency treasuries, as well as market clarity backed by regulatory frameworks from none other than the US government.

The latest development, while not directly related to Cipher Mining Inc. (NASDAQ:CIFR), was the establishment of a new Bitcoin mining company by the two sons of President Donald Trump.

In other news, Cipher Mining Inc. (NASDAQ:CIFR) announced that investment firm V3 Holding Ltd.—one of its largest shareholders—disposed of shares worth $8.3 million in its stock between August 26 and 27, at average prices of $6.81 and $7.07, respectively.

Despite the sale, V3 Holding Ltd.’s ownership in Cipher Mining Inc. (NASDAQ:CIFR) remained at 89.7 million.

Cipher Mining Inc. (NASDAQ:CIFR) tripled its net loss in the second quarter of the year to $45.78 million from only $15.29 million in the same period last year. Revenues grew by 18.37 percent to $43.56 million from $36.8 million year-on-year.

Looking ahead, Cipher Mining Inc. (NASDAQ:CIFR) appeared more optimistic about its growth outlook following the commencement of hashing at its Black Pearl Phase 1 ahead of schedule. It said it expects the site to be fully leased by high-performance computing tenants.

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