A healthy rise in its core cryptocurrency and several positive new analyst notes were the key factors sending Cipher Mining (CIFR -4.28%) stock higher in recent days. The Bitcoin miner was up by more than 9% week to date as of Thursday evening, according to data compiled by S&P Global Market Intelligence.

A boost from Bitcoin

After something of a slump in August, Bitcoin has generally been on the rise in the current month. The Federal Reserve’s rate cut on Wednesday was only the latest catalyst pushing the No. 1 cryptocurrency higher.

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Prior to that, on Monday, analyst Michael Donovan of Compass Point assumed coverage of Cipher Mining, flagging it as a buy at a price target of $8 per share. The following day, Canaccord Genuity’s Joseph Vafi changed his take on the company by raising his price target substantially. He reset it to $13 per share from $9, maintaining his existing buy recommendation.

Vafi values Cipher Mining using a sum-of-the-parts method. One of its more valuable assets, in his opinion, is the Barber Lake facility. The analyst believes this mining operation is one of the most profitable in the cryptoverse, as it is extremely efficient and has relatively low power costs. The pundit also pointed to the 1,063 Bitcoin held by the company and its Black Pearl site as high-value holdings.

A happy surprise

It’s possible Cipher Mining is continuing to bask in the warmth of its second-quarter earnings, the results of which were published near the start of August. The company posted a surprise net profit (of $0.08 per share), which seemed to mitigate its significant revenue miss ($43.6 million reality versus the consensus analyst estimate of $50.6 million.