Why Cipher Mining Stock Trounced the Market Today

Key Points

• A crypto mining equipment company reported a massive order from a customer.

• That customer wasn't identified, but investors piled into mining stocks on the news regardless.

• 10 stocks we like better than Cipher Mining ›

The crypto mining world was rocked on Thursday with news of a massive order for the equipment that can produce the most popular digital coin in the world. One miner that benefited from a positive knock-on effect was Cipher Mining (NASDAQ: CIFR), which saw a nearly 10% rise in its stock that trading session alone. This was far more than good enough to top the marginal increase of the S&P 500 index.

Digging for digital gold

That order hit the desk of Singapore-based crypto mining infrastructure specialist Canaan. The company reported it has been drafted to supply over 50,000 of its Avalon A15 mining rigs. Although these machines have the capability to mine other cryptos besides Bitcoin, it is designed and built with the No. 1 digital coin firmly in mind.

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Image source: Getty Images.

Canaan didn't hesitate to mention that this is its largest order over the past three years. The company did not, however, name the customer behind the order.

That news, of course, is good for both Bitcoin -- obviously, some client wants to crank out much more of the currency -- and the companies that are directly involved in it. The level of popularity of the coin very much affects their fortunes; when it rises and boosts the cryptocurrency, their fundamentals rise too (all things being equal).

Crossing the $120,000 mark

Predictably, Bitcoin itself saw a healthy rise in value; in late afternoon trading, it was up by nearly 3% to more than $120,000. We'll see if this order leads to other major spending on equipment from companies like Cipher Mining. A rising tide tends to lift all boats, as the saying goes.

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Eric Volkman has positions in Bitcoin. The Motley Fool has positions in and recommends Bitcoin. The Motley Fool has a disclosure policy.