In recent transactions, Bitfury entities sold a substantial amount of Cipher Mining Inc. (NASDAQ:CIFR) stock, totaling approximately $1.97 million. The sales occurred over two days, December 5 and December 6, 2024, and involved a total of 269,013 shares. According to InvestingPro data, CIFR stock has shown significant volatility, with a 12.86% return in the past week alone. The company currently maintains a market capitalization of $2.22 billion.
On December 5, Bitfury Top HoldCo B.V. sold 91,982 shares at an average price of $7.23 per share. The following day, December 6, an additional 177,031 shares were sold at an average price of $7.38 per share. The sales prices for these transactions ranged between $7.23 and $7.38 per share.
These transactions were executed by Bitfury Top HoldCo B.V., Bitfury Holding B.V., V3 Holding Ltd, and Bitfury Group Ltd, all of which are interconnected through ownership structures. Valerijs Vavilovs, as a key figure in these entities, is associated with these transactions but disclaims beneficial ownership beyond his pecuniary interest.
Following these transactions, the total shares owned by Bitfury entities in Cipher Mining Inc. were reduced to 98,120,557 shares.
In other recent news, Cipher Mining Inc. reported significant growth in its Bitcoin production for November 2024, mining approximately 2,021 Bitcoins and selling about 234. The company's recent developments include the acquisition of the 100 MW Stingray site, and the ongoing upgrade of the Odessa mining fleet. Cipher Mining also reported an increase in Bitcoin production for October, mining approximately 1,681 Bitcoins and selling around 248.
On a broader scale, Cipher Mining's strategic shift towards developing high-performance computing (HPC) data centers was highlighted, despite a reported GAAP net loss of $87 million for the third quarter. The company's Bitcoin mining capacity has reached 10.5 exahash per second, with expectations to increase to 13.5 exahash by year-end. The Black Pearl site is expected to energize in Q2 2025 with a target capacity of 21.5 exahash per second.
In the context of the cryptocurrency market, Bitcoin recently soared past the $100,000 mark for the first time, following President-elect Donald Trump's supportive stance towards cryptocurrencies. This surge resulted in substantial gains for various companies with exposure to cryptocurrency, including Cipher Mining, which saw its shares grow by 5%. These are the recent developments in the cryptocurrency and technology industry.
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