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Cipher Mining Inc. (CIFR) reported a significant increase in its bitcoin mining operations in the third quarter of 2025, mining 629 Bitcoin and generating $72 million in revenue. The company expanded its mining capacity from 423 megawatts to 477 megawatts, reaching a total self-mining hash rate of approximately 23.6 exahash per second.
Meanwhile, Circle Internet Group (CRCL) experienced a 108% year-over-year increase in the circulation of its USD Coin (USDC), growing to $73.7 billion by the end of the third quarter of 2025. The on-chain transaction volume for USDC surged nearly 6.8 times year-over-year to $9.6 trillion, thanks in part to innovations like the Cross-Chain Transfer Protocol (CCTP).
In terms of market performance, CIFR shares have increased by 172.8% over the past three months, while CRCL shares have declined by 44.5%. Currently, CIFR is trading at a forward 12-month Price/Sales ratio of 20.51X compared to CRCL’s 5.4X.
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