Cipher Mining Surges 9.6% on $780M Volume (146th Most Active) as Energy Costs Drop 15% and Hashrate Hits 94%

Cipher Mining (CIFR) surged 9.60% on October 2, 2025, with a trading volume of $780 million, ranking 146th among the day’s most active stocks. The sharp move reflected investor focus on operational efficiency metrics disclosed in a recent earnings update, which highlighted a 15% reduction in energy costs per terahash compared to Q2 2025. Analysts noted the performance aligned with broader sector trends toward cost optimization amid fluctuating Bitcoin prices.

Market participants observed that Cipher’s volume outperformed its 90-day average by 32%, suggesting short-term momentum from arbitrage strategies capitalizing on cross-exchange price discrepancies. A regulatory filing confirmed the company’s Q3 2025 hashrate utilization rate reached 94%, up from 89% in the prior quarter, reinforcing confidence in its asset management capabilities. However, no new capital expenditure plans or hardware upgrades were disclosed in the latest quarterly report.

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