CIFR Stock Surges as Bitcoin Hits $79,000 Amid Inflation Data

Cipher Mining Inc. (NASDAQ:CIFR) stock is surging on Friday due to the rebound of Bitcoin towards $79,000.

This move has lifted cryptocurrency mining-related stocks, with Cipher Digital shares up 7.94% to $17.20 at the time of publication.

The surge in Bitcoin was triggered by hotter-than-expected August inflation data and its implications for a September interest-rate decision.

Cipher's stock movement also follows background news from last Thursday, when the company said it started developing lateral pipelines across multiple sites to overcome power-grid constraints.