Cipher Mining’s (CIFR) Black Pearl Phase I Surpasses Guidance, Reaches a Self-Mining Capacity of Around 3.4 EH/s

Cipher Mining Inc. (NASDAQ:CIFR) is one of the top bitcoin mining stocks to buy amid bitcoin hike. On July 2, Cipher Mining Inc. (NASDAQ:CIFR) announced that Phase I of Black Pearl reached a self-mining capacity of around 3.4 EH/s, surpassing the company’s previous guidance of 2.5 EH/s for Q2 2025.

Cipher Mining (CIFR) Skyrockets 15.9% as Mining Capacity Exceeds Targets

A close-up of a laptop with a Bitcoin ecosystem monitor running in the background.

Management stated that hashrate is expected to continue growing at the site through Q3 2025, with new mining rigs being continually delivered in scheduled batches and gradually replacing legacy units.

Cipher Mining Inc. (NASDAQ:CIFR) has reached a total self-mining hashrate of around 16.8 EH/s, and it expects to scale to approximately 23.1 EH/s upon completion of the installation. The company produced ~1601 bitcoin in June, and ended the month with a balance of ~1,063 bitcoin after selling ~58 bitcoin as part of its regular treasury management process.

Cipher Mining Inc. (NASDAQ:CIFR) develops and operates bitcoin mining data centers. It operates four bitcoin mining data centers in Texas through its subsidiaries, including Cipher Mining Technologies Inc. The company specializes in industrial-scale Bitcoin mining and is dedicated to enhancing and fortifying the critical infrastructure of the Bitcoin network in the US.

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