Bitcoin Mining Stock Cipher Mining Is Sliding Wednesday: What's Going On?

Cipher Mining Inc (NASDAQ:CIFR) shares are trading lower Wednesday. The company provided a production and operations update for August and filed for a mixed shelf offering.

What Happened: Cipher announced it mined 160 Bitcoin (CRYPTO: BTC) in August and sold approximately 136 Bitcoin as part of its regular treasury management. As a result, the company ended the period with a total of 2,284 Bitcoin.

Cipher ended August with 76,000 deployed mining rigs and an operating hashrate of 9.1 EH/s.

“The Cipher team has been very active this summer managing operational and electricity pricing risks in the Texas heat while continuing the on-schedule construction at Black Pearl,” said Tyler Page, CEO of Cipher Mining.

“Our business development and other corporate team members have stayed extremely busy with our other recently announced acquisitions, including our new 300 MW site acquisition, which we expect to close this month. This acquisition will bring our power portfolio to over 2.5 GW and can be deployed for HPC hosting or bitcoin mining.”

See Also: Bitcoin, Ethereum Lose Ground: Peter Brandt Identifies 3 Dynamics On BTC Chart

Cipher said it qualified as a well-known seasoned issuer in August and decided to file a new shelf registration statement under its new filing status that gives the company flexibility to raise debt, equity or hybrid instruments. The company said it may offer and sell shares of its common stock from time to time for gross proceeds of up to $725.7 million.

“With our new shelf registration statement, we have many options to fund our growth in responsible ways that will continue to drive shareholder value. Management of our bitcoin inventory is also a vital part of our capital planning, and we view liquidating portions of our bitcoin holdings over time as a potential source for funding accretive growth,” Page said.

CIFR Price Action: Cipher shares were down 2.97% at $3.10 at the time of publication Wednesday, per Benzinga Pro.

Photo: Shutterstock.

Read more...