Benzinga | Oct 21, 2021 12:10PM EDT

Why Bitcoin Mining Stock Cipher Mining Is Surging Today

Cipher Mining Inc (NASDAQ:CIFR) is trading significantly higher Wednesday amid a sharp increase in the price of Bitcoin (CRYPTO: BTC).

Bitcoin climbed above $65,000 to new all-time highs amid the debut of the first ever Bitcoin futures ETF.

Last week, Cipher Mining announced plans to make monthly purchases through December 2022 of 4,000 to 8,000 next-generation mining rigs.

According to data from Benzinga Pro, Wednesday's session volume was approaching 7 million at time of publication.

Cipher Mining is an industrial-scale Bitcoin mining company in the United States. It is dedicated to expanding and strengthening the Bitcoin network's critical infrastructure in the United States.

CIFR Price Action: Cipher Mining traded as high as $9.52 and as low as $7.46 during Wednesday's session.

The stock was up 16.80% at $8.70 at time of publication.

Photo: Ricardo Goncalves from Pixabay.