Cipher Mining Inc. (NASDAQ:CIFR) saw its stock climb 7% following the announcement that Phase I of its Black Pearl mining facility is now operating at roughly 3.4 EH/s of self-mining capacity, surpassing the company’s earlier projection of 2.5 EH/s for Q2 2025.
The firm reported that its overall self-mining hashrate has reached about 16.8 EH/s, with plans to expand to approximately 23.1 EH/s once all installations are complete. The Black Pearl site’s hashrate is expected to grow further into Q3 as older mining equipment is gradually replaced by newer rigs.
In its latest June operations update, Cipher disclosed it mined close to 160 Bitcoin during the month. This figure includes estimated power sales equivalent to around 5 Bitcoin and roughly 19 Bitcoin mined at joint venture data centers in which Cipher holds an ownership stake.
The company highlighted that June’s production reflects a deliberate slowdown in mining activity as part of its proactive strategy to manage Four Coincident Peak (4CP) demand charges. This approach helped the company avoid significant penalty costs and maintain one of the lowest power cost structures in the sector.
From a treasury standpoint, Cipher sold approximately 58 Bitcoin in June, leaving it with a month-end balance of about 1,063 Bitcoin. The company currently operates 104,000 mining rigs, achieving a fleet efficiency rate of 20.8 joules per terahash (J/TH).