Cipher Mining (CIFR) Tumbles 8.7% As Investors Await Operational Updates

We recently published 10 Major Stocks Collapse. Cipher Mining Inc. (NASDAQ:CIFR) is one of the worst performers on Thursday.

Cipher Mining dropped for a second day on Thursday, shedding 8.75 percent to end at $7.40 each as investors sold off positions ahead of the release of its monthly operational update, which came out a few minutes after market close.

In a statement, Cipher Mining Inc. (NASDAQ:CIFR) said it was able to mine 241 Bitcoins for the month of August, an increase of 12.6 percent from the 214 units mined in July.

Cipher Mining (CIFR) Tumbles 8.7% As Investors Await Operational Updates

During the period, it also sold 42 units, bringing its total ownership to 1,414. Cipher Mining Inc. (NASDAQ:CIFR) said it also operated at an operating hash rate of ~23 EH/s.

Additionally, its newly commissioned Black Pearl Phase I accounted for approximately 39 percent of its total Bitcoin mined.

“With all rig deliveries on schedule, the company maintains expectations that Black Pearl Phase I will reach ~10 EH/s by the end of the third quarter, bringing Cipher’s total self-mining hashrate to ~23.5 EH/s,” Cipher Mining Inc. (NASDAQ:CIFR) said.

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Disclosure: None. This article is originally published at Insider Monkey.