Cipher Mining Shares Rise After Higher Hashrate Growth in 2Q

By Chris Wack

Cipher Mining shares were 7% higher, at $5.30, after the company said it has surpassed hashrate growth forecasts at its Black Pearl site.

The bitcoin miner said that phase I of Black Pearl is now delivering 3.4 exahashes per second of self-mining capacity for the second quarter, exceeding its prior guidance of 2.5 EH/s.

Cipher said its hashrate will continue to increase at the site through the third quarter as new mining rigs continue to be delivered in scheduled batches, gradually replacing legacy units. Cipher's total self-mining hashrate has now reached 16.8 EH/s, and it maintains its expectations to scale to 23.1 EH/s upon completion of the installation.

In June, Cipher mined 160 bitcoin, and sold 58, ending the month with a balance of 1,063 bitcoin.

As of 9:50 a.m. ET, bitcoin was trading at $107,554 a unit.

Write to Chris Wack at chris.wack@wsj.com