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Investing.com -- Cipher Mining Inc. (NASDAQ:CIFR) stock rose 7% after the company announced that Phase I of its Black Pearl site is now delivering approximately 3.4 EH/s of self-mining capacity, exceeding its prior guidance of 2.5 EH/s for the second quarter of 2025.
The Bitcoin mining company reported that its total self-mining hashrate has reached approximately 16.8 EH/s, with expectations to scale to about 23.1 EH/s upon completion of installation. Hashrate at Black Pearl will continue to increase through the third quarter as new mining rigs replace legacy units.
In its June operational update, Cipher reported mining approximately 160 Bitcoin during the month. This production figure includes power sales estimates equivalent to about 5 Bitcoin and approximately 19 Bitcoin mined at joint venture data centers representing Cipher’s ownership.
The company noted that June’s production numbers reflect its strategic decision to curtail operations more deliberately as part of a proactive 4CP (Four Coincident Peak) avoidance strategy, which helped avoid costly penalties and maintain its position as having some of the lowest power costs in the industry.
As part of its treasury management, Cipher sold approximately 58 Bitcoin in June, ending the month with a balance of about 1,063 Bitcoin. The company reported having 104,000 deployed mining rigs with a month-end fleet efficiency of 20.8 J/TH.
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