Cipher Mining, Inc. CIFR shares rose in Wednesday’s pre-market session as the company scales up its Bitcoin BTC/USD mining operations.

What happened: Cipher’s Black Pearl facility in Texas commenced operations last week with an initial hashrate of 2.5 exahashes per second (EH/s), with Phase I projected to reach 9.6 EH/s. The company aims to achieve a total hashrate of 23.1 EH/s by the third quarter.

Cipher said it started mining Bitcoin at the site “ahead of schedule.”

Last month, analysts from Cantor Fitzgerald reiterated a “Buy” rating for the stock, raising the price target to $6 from $4, according to finance website Insider Monkey.

Cipher, having a market capitalization of $1.64…

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