Cipher Mining (CIFR) Jumps 12.5% on Strong Revenues, Business Transition

We recently published 10 Stocks Winning the Market. Cipher Mining Inc. (NASDAQ:CIFR) was one of the best performers on Tuesday.

Cipher Mining saw its share prices jump by 12.48 percent on Tuesday to finish at $17.12 apiece as investors cheered the company’s strong bitcoin mining performance, while digesting its rebranding initiative to reflect its business transition.

In an updated report, Cipher Mining Inc. (NASDAQ:CIFR) said that it would change its name to Cipher Digital to reflect its strategic transition toward high-performance computing.

“Cipher is focused on sourcing and securing power, developing advanced data centers purpose-built for HPC workloads, and leasing capacity to the world’s leading technology companies. While bitcoin mining played a foundational role in building Cipher’s power origination expertise and large-scale development capabilities, the Company’s identity has evolved to focus on enabling next-generation compute at industrial scale,” Cipher Mining Inc. (NASDAQ:CIFR) said.

In line with the initiative, the company divested its 49 percent stake in three 40 MW joint venture sites, Alborz, Bear, and Chief, as well as select bitcoin mining machines previously deployed at Black Pearl.

In other news, Cipher Mining Inc. (NASDAQ:CIFR) said that it incurred $223.9 million in revenues from bitcoin mining last year, marking a 48 percent jump from the $151.27 million in 2024.

However, net loss attributable to shareholders widened by 1,743 percent to $822 million from only $44.6 million year-on-year.

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