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CIFR's Bitcoin Mining Portfolio Grows: A Sign for More Upside?
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Key Takeaways
Cipher Mining grew capacity to 477 megawatts in Q3 2025, surpassing its hash rate projections.
Black Pearl's first 150 megawatts mined 10.1 exahash per second, driving 36% of quarterly output.
Odessa delivered 56% of production as the total self-mining hash rate reached about 23.6 exahash.
Cipher Mining (CIFR - Free Report) is benefiting from growth of its Bitcoin mining portfolio. In the third quarter of 2025, CIFR increased its mining capacity from 423 megawatts to 477 megawatts across its five mining sites, which include Odessa, Alborz, Bear, Chief, and Black Pearl. This expansion exceeded previous hash rate projections.
In the third quarter of 2025, the company reached a total self-mining hash rate of about 23.6 exahash per second, exceeding expectations. These positions Cipher Mining as one of the most efficient miners in the industry, with a fleet efficiency of 16.8 joules per terahash.
The Black Pearl site became fully operational in the third quarter of 2025, contributing significantly to the company’s mining capacity. The first 150 megawatts of the 300-megawatt site are currently mining approximately 10.1 exahash per second, accounting for 36% of production in the quarter. The fleet efficiency at Black Pearl stands at an impressive 13.9 joules per terahash.
The Odessa site remains the most significant contributor, accounting for 56% of Bitcoin production in the third quarter of 2025, with a hash rate of 11.3 exahash per second. The company’s joint venture sites, which include Alborz, Bear, and Chief, add further diversification and capacity, generating approximately 4.4 exahash per second collectively.
The company’s Bitcoin mining operations have contributed significantly to its financial performance. In the third quarter of 2025, the company mined 629 Bitcoin across its wholly owned sites, generating $72 million in revenues.
CIFR Faces Stiff Competition
Cipher Mining is facing stiff competition from companies like Riot Platforms (RIOT - Free Report) and Hut8 Corp. (HUT - Free Report) , which are also expanding their footprint in the bitcoin mining industry.
Hut 8 is benefiting from its expansion in the Bitcoin mining industry, which has significantly boosted its financial performance. In the third quarter of 2025, Hut 8’s revenues increased 91% year over year to $83.5 million. This growth was primarily driven by the expansion of Bitcoin mining revenue through American Bitcoin, a purpose-built Bitcoin accumulation vehicle launched earlier in 2025.
Riot Platform’s expansion in the Bitcoin mining industry has been noteworthy. In the third quarter of 2025, Riot Platform produced 1,406 Bitcoin, generating $160.8 million in Bitcoin mining revenue.
CIFR Share Price Performance, Valuation, and Estimate
Cipher Mining shares have skyrocketed 213.8% in the year-to-date period, outperforming the Zacks Technology Services industry’s increase of 32.1%. The broader Zacks Business Services sector declined 10.1% in the same time frame.
CIFR Stock's Performance
Image Source: Zacks Investment Research
CIFR shares are overvalued, with a forward 12-month Price/Sales of 15.69X compared with the Technology Services industry’s 2.54X. CIFR has a Value Score of F.
CIFR Valuation
Image Source: Zacks Investment Research
For 2025, the Zacks Consensus Estimate for loss is pegged at 37 cents per share, which has widened by a penny over the past 30 days. CIFR reported a loss of 14 cents per share in the year-ago quarter.
Image: Bigstock
CIFR's Bitcoin Mining Portfolio Grows: A Sign for More Upside?
Key Takeaways
Cipher Mining (CIFR - Free Report) is benefiting from growth of its Bitcoin mining portfolio. In the third quarter of 2025, CIFR increased its mining capacity from 423 megawatts to 477 megawatts across its five mining sites, which include Odessa, Alborz, Bear, Chief, and Black Pearl. This expansion exceeded previous hash rate projections.
In the third quarter of 2025, the company reached a total self-mining hash rate of about 23.6 exahash per second, exceeding expectations. These positions Cipher Mining as one of the most efficient miners in the industry, with a fleet efficiency of 16.8 joules per terahash.
The Black Pearl site became fully operational in the third quarter of 2025, contributing significantly to the company’s mining capacity. The first 150 megawatts of the 300-megawatt site are currently mining approximately 10.1 exahash per second, accounting for 36% of production in the quarter. The fleet efficiency at Black Pearl stands at an impressive 13.9 joules per terahash.
The Odessa site remains the most significant contributor, accounting for 56% of Bitcoin production in the third quarter of 2025, with a hash rate of 11.3 exahash per second. The company’s joint venture sites, which include Alborz, Bear, and Chief, add further diversification and capacity, generating approximately 4.4 exahash per second collectively.
The company’s Bitcoin mining operations have contributed significantly to its financial performance. In the third quarter of 2025, the company mined 629 Bitcoin across its wholly owned sites, generating $72 million in revenues.
CIFR Faces Stiff Competition
Cipher Mining is facing stiff competition from companies like Riot Platforms (RIOT - Free Report) and Hut8 Corp. (HUT - Free Report) , which are also expanding their footprint in the bitcoin mining industry.
Hut 8 is benefiting from its expansion in the Bitcoin mining industry, which has significantly boosted its financial performance. In the third quarter of 2025, Hut 8’s revenues increased 91% year over year to $83.5 million. This growth was primarily driven by the expansion of Bitcoin mining revenue through American Bitcoin, a purpose-built Bitcoin accumulation vehicle launched earlier in 2025.
Riot Platform’s expansion in the Bitcoin mining industry has been noteworthy. In the third quarter of 2025, Riot Platform produced 1,406 Bitcoin, generating $160.8 million in Bitcoin mining revenue.
CIFR Share Price Performance, Valuation, and Estimate
Cipher Mining shares have skyrocketed 213.8% in the year-to-date period, outperforming the Zacks Technology Services industry’s increase of 32.1%. The broader Zacks Business Services sector declined 10.1% in the same time frame.
CIFR Stock's Performance
Image Source: Zacks Investment Research
CIFR shares are overvalued, with a forward 12-month Price/Sales of 15.69X compared with the Technology Services industry’s 2.54X. CIFR has a Value Score of F.
CIFR Valuation
Image Source: Zacks Investment Research
For 2025, the Zacks Consensus Estimate for loss is pegged at 37 cents per share, which has widened by a penny over the past 30 days. CIFR reported a loss of 14 cents per share in the year-ago quarter.
Cipher Mining Inc. Price and Consensus
Cipher Mining Inc. price-consensus-chart | Cipher Mining Inc. Quote
Cipher Mining currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.