Cipher Mining (CIFR) Jumps on 6th Day, Hits New High on AI Prospects, Bitcoin Production

We recently published 10 Big Names With Explosive Growth. Cipher Mining Inc. (NASDAQ:CIFR) is one of the best performers on Wednesday.

Cipher Mining extended its rally to a 6th straight day on Wednesday to reach a new record high as investor sentiment continued to be boosted by AI prospects and higher Bitcoin production last month.

In an updated report, Cipher Mining Inc. (NASDAQ:CIFR) said it was able to produce 251 Bitcoins in September, marking an increase of 10 units from 241 in August, thanks to a higher self-operating hash rate of 23.6 EH/s versus 23 EH/s in the same comparable period.

It also notably sold 158 Bitcoins during the period, versus 42 units in August, taking advantage of the surge in Bitcoin prices.

Just recently, Cipher Mining Inc. (NASDAQ:CIFR) completed its Black Pearl mining facility in Texas, which is expected to support its high-performance computing (HPC) operations for AI firms and its own Bitcoin production.

Late last month, Cipher Mining Inc. (NASDAQ:CIFR) clinched a 10-year HPC hosting deal with Fluidstack, a premier AI cloud platform that builds and operates HPC clusters for some of the world’s largest companies, for the delivery of 168 MW of critical IT load, supported by 244 MW of gross capacity.

The agreement is expected to deliver the company $3 billion in revenues, with the potential to increase to $7 billion if Fluidstack exercises its option to extend the lease agreement. The deal received a $1.4 billion financial backstop from technology giant Google.

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 best short-term AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.