Why Cipher Mining Stock Crushed It on Wednesday
There was no mystery behind the rise of Cipher Mining (NASDAQ: CIFR) stock on Wednesday, as it easily surmounted the hump of Hump Day with a nearly 12% increase in price. The good performance of the crypto it mines and an encouraging operational update were the catalysts for that pop. Which, incidentally, trounced the S&P 500 index's 0.6% gain that day.
That foundational crypto for Cipher Mining is, of course, Bitcoin. Following a mini-rout that saw the No. 1 coin retreat from its record high, it was staging something of a rally on Wednesday. A more valuable Bitcoin is beneficial to the entities that mine it, for obvious reasons.
Image source: Getty Images.
Source Fool.com
