Cipher Mining (CIFR) Jumps 6% as Mined Bitcoin Tops 334 Units in February

Industrial-scale Bitcoin (BTC) mining company Cipher Mining has released its operations and production updates for February 2024.

Cipher Mining Now Holds 1433 BTC Balance

The report showed that the firm mined a total of 334 units of Bitcoin in February with an average monthly network hash rate increasing by approximately 9.4%. To fulfill its routine treasury management process, Cipher Mining sold 33 BTC in the same month. By the end of February, the Bitcoin miner was left with 1,433 BTC as its balance.

Additionally, the company stated that it deployed a total of 70,000 mining rigs, together with a month-end operating hash rate of 7.4 exahashes per second (EH/s). In response to the released update, Cipher Mining shares (CIFR) saw a jump of about 6% and within the last 24 hours, the shares have seen some movement. With a 4.39% surge to close Friday’s trading session placing CIFR’s current price at $3.09.

Cipher Mining plans to provide more updates on March 5 when it eventually has its fourth-quarter and full-year 2023 results call.

The Bitcoin mining company is committed to expanding and strengthening its BTC network infrastructure. Ultimately, the goal is to establish itself as a market leader in the crypto ecosystem particularly in the growth and innovation of mining. Therefore, Cipher Mining is pulling all efforts, resources, and partnerships in alignment with this goal.

Strain in the Bitcoin Mining Ecosystem

Generally, the Bitcoin mining ecosystem has been striving to break new ground in the last couple of months. Before the end of February, mining firm Hut 8 was considering financing its short-term expansion using the nine thousand Bitcoins that are listed on its balance sheet. 

To that end, Cipher talked about constructing a new Bitcoin mining site in Texas to enhance its growth.

These achievements are also not without a few challenges as different governments are concerned about the potential risk of supporting Bitcoin mining. The White House expressed its worries that Bitcoin mining would cause problems in the country’s power grid. This is one shortcoming that many of these countries have in common.

Amidst these uncertainties, most miners are in the profit, following the rally of Bitcoin price to $63,000 earlier this week. At the time of writing, the coin is worth $62,521.34, up by 2.02% in the past 24 hours.

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