Cipher Mining Inc CIFR The stock is trading lower on Tuesday along with many other bitcoin mining stocks as the price of bitcoin falls. Cipher also reported monthly mining metrics late Monday.
What to know: Several bitcoin miners are facing selling pressure due to weakness in cryptocurrency markets. Bitcoin fell about 6.28% in a 24-hour period, trading at $65,225 at the time of writing.
The sell-off appears to be tied to expectations of a lower rate cut by the Federal Reserve this year. The yield on the 10-year US Treasury bond has risen in recent sessions and was hovering around 4.389% at the time of writing.
Bitcoin miners receive a reward for successfully mining bitcoin transactions. The amount of rewards miners receive will be halved at the end of this month. Cryptocurrency markets have historically rallied in the months following a halving event.
Cipher announced a mining update after the market closed on Monday. The company said it mined 316 bitcoins last month, bringing its total bitcoin holdings to 1,741. Cipher also sold around eight bitcoins in March as part of its regular treasury management.
“Cipher delivered another solid performance in March, marking the completion of an exceptionally strong first quarter of production,” he said Tyler PageCEO of Cipher.
“Despite significant reductions from our energy supplier in Odessa for plant maintenance and continued growth in the overall network hash rate, our team has done an exceptional job maintaining our uptime and optimizing our wallet.”
See also: Two Bitcoin ETFs Shine in Top 10 March Inflow Rankings: ‘This Tailwind Should Persist,’ Analysts Say
CIFR Price Action: According to Benzinga Pro, Cipher Mining shares were down 11.1% at $4.35 at the time of publication.
Photo: Eivind Pedersen from Pixabay.
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