What's Going On With Cipher Mining, Canaan Shares Thursday?
Portfolio Pulse from Adam Eckert
Cipher Mining Inc (CIFR) and Canaan Inc (CAN) have entered into an agreement for the purchase of 16,700 A1466 model Bitcoin mining machines. Cipher Mining previously bought 11,000 similar models from Canaan, which have been delivered and installed. The new machines are expected to be delivered in April and May 2024. The companies' shares are trending, potentially influenced by an increase in Bitcoin's price, which is up 2.61% over 24 hours and more than 150% over a year. Cipher Mining shares are up 3.82% at $4.08, and Canaan shares are up 2.45% at $2.09.
January 04, 2024 | 2:49 pm
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POSITIVE IMPACT
Canaan's agreement to sell 16,700 Bitcoin mining machines to Cipher Mining is likely to be positive for revenue, with shares up 2.45%.
The sale of a significant number of mining machines to Cipher Mining indicates a strong demand for Canaan's products and is expected to boost revenue. The share price increase reflects investor optimism about the deal.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 90
POSITIVE IMPACT
Cipher Mining's new purchase agreement with Canaan for Bitcoin miners may signal growth and increased capacity, contributing to the stock's rise by 3.82%.
The purchase of additional mining equipment suggests expansion and increased mining capacity for Cipher Mining, which is likely to be viewed positively by investors. The stock's rise is also potentially influenced by the overall increase in Bitcoin's price.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 90