5 Penny Stocks Poised To Explode

Page 1 of 5

In this piece, we will take a look at the five penny stocks poised to explode. If you want to take a look at more stocks, then head on over to 10 Penny Stocks Poised To Explode.

5. Cipher Mining Inc. (NASDAQ:CIFR)

Number of Hedge Fund Holders: 17

Cipher Mining Inc. (NASDAQ:CIFR) is a bitcoin mining firm that is headquartered in New York, New York, the United States. The firm operates and owns bitcoin mining data centers.

Amidst the near deadly crash that has all but decimated the cryptocurrency market this year due to investors fleeing to safe assets, Cipher Mining Inc. (NASDAQ:CIFR)’s second quarter earnings report was all about keeping efficiency high and costs low. In a high energy price market, the firm has fixed contracts through which its costs of electricity are a little under $30 per megawatt hour (MWh). Management explained that this enables the firm to bring in $70 in profit per MWh with a $20,000 price for bitcoin and a 200 EH/s mining rate. Should it increase this rate to 225 EH/s and the price of bitcoin touches $25,000, then the profit grows to $81. Additionally, Cipher Mining Inc. (NASDAQ:CIFR) also plans to sell this electricity should the bitcoin price drop further.

Insider Monkey’s Q2 2022 survey of 895 hedge funds revealed that 16 had invested in Cipher Mining Inc. (NASDAQ:CIFR).

Page 1 of 5