Mining
Bitcoin Mining Company Cipher Contemplates Sale Amid Industry Growth
Thursday. July 18 at 1:30 AM
1 min. readA recent Bloomberg article reported that Cipher, a Bitcoin mining company, is mulling over a potential sale following a takeover bid. The company is currently seeking advice to assess interest but may opt not to sell. Cipher's stock surged to $8.00 post the news, settling at $6.56, a significant rise from $4.77 at the beginning of 2024. In a strategic move, Cipher acquired 37,000 T21 Antminers worth $99.5 million in December 2023, followed by 16,700 Avalon A1466 miners in January 2024 to enhance computational power. The mining industry is gaining political momentum, with executives engaging with 2024 presidential candidate Donald Trump. Trump's support for domestic Bitcoin production has boosted mining stocks, aligning with a trend of US miners holding onto their coins for future gains. This shift comes amidst global political developments impacting the crypto market.