Northland initiated coverage of Cipher Mining with an Outperform rating and $6 price target. Cipher Mining operates four Bitcoin mining data centers in Texas, for a total of 9.1 EH/s utilizing about 257 MW of capacity, and the company expects to reach 13.5 EH/s by year-end 2024 and 35.0 EH/s by year-end 2025 through strategic upgrades and the development of its new Black Pearl facility, notes the analyst. Cipher’s recent 300 MW Barber Lake acquisition in West Texas “jump-starts its HPC efforts” and brings its aggregate portfolio to over 2.5 GW across 10 sites, the analyst added.
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