On Nov. 3, shares of Cipher Mining (CIFR) rocketed to a then 52-week high of $25.11, soaring 22% in a single session. This came as the company announced its jaw-dropping $5.5 billion high-performance computing deal with Amazon Web Services (AWS) in its most recent earnings release.
Founded in 2021, Cipher had once made its bread and butter by mining Bitcoin (BTCUSD). But with Bitcoin’s 2024 halving cutting block subsidies in two, Cipher saw the writing on the wall.
