Why Cipher Mining Stock Gained 10.3% This Week
By the end of Thursday, Oct. 16, shares of Cipher Mining (NASDAQ: CIFR) had gained 10.3% from last Friday's closing bell. According to data from S&P Global Market Intelligence, the crypto-mining stock showed a weekly gain of 24.7% earlier in the day.
It should be noted that Bitcoin (CRYPTO: BTC) fell 7.2% over the same period. Cipher usually moves in tandem with the largest cryptocurrency, because mining new Bitcoins is the company's core business. What's different this week, then?
Cipher's recent jump looks like sustained momentum from a larger trend. Cipher's stock has gained a jaw-dropping 282% over the last two months, starting with a strong mining report and boosted by a large contract unrelated to crypto-mining operations.
Source Fool.com
