Cipher Mining (NASDAQ:CIFR) saw a nearly 16% increase in stock price on Wednesday following the announcement of strong advancements at its new mining facility, Black Pearl. The facility’s hash rate has exceeded the company’s projections, which could enhance its Bitcoin mining capacity. In June, Cipher mined 160 bitcoins, sold 58 bitcoins, and currently holds 1,063 bitcoins.
Despite recent gains, Cipher Mining has shown mixed financial performance over the past year, with revenues declining from $153 million to $152 million. The company reported an operating loss of $129 million and a net loss of $124 million, leading to significant negative margins of -84.5% and -81.2%, respectively. The stock’s price-to-sales ratio stands at 11.6, far exceeding the S&P 500’s 3.1.
