H.C. Wainright analysts have expressed confidence in Cipher’s investment strategy, anticipating a potential increase to $6.
Cipher Mining Inc. (CIFR) recently revealed an enhancement to its mining fleet in Odessa, resulting in a revision of its 2024 and 2025 hash rate targets due to a renewed agreement with Bitmain. This development prompted analysts at H.C. Wainright to adjust their price target from $5.50 to $6, suggesting a substantial upward movement from the current trading price of $4.15.
The revised contract includes expedited delivery schedules and the incorporation of Bitmain’s latest S21 Pro miners, replacing the originally requested T21s. As a result, Cipher’s self-mining hash rate target for 2024 has been raised by 45% to 13.5 EH/s.
As of now, CIFR is trading at $4.15 per share.
Looking ahead, this upgrade will retire outdated equipment and introduce the new miners at CIFR’s Odessa facility. The deployment of these new miners is expected to significantly enhance the company’s operational efficiency and cost-effectiveness, establishing CIFR as an industry frontrunner.
For 2025, CIFR has boosted its projections by 40% to 35 EH/s, foreseeing full power utilization at its Black Pearl site. Upon full operation, the fleet-wide efficiency is expected to achieve 15 J/TH.
Following the update, CIFR’s stock experienced a positive response, closing 5% higher and surpassing the Nasdaq. With the advantage of low power expenses, the company aims to achieve a 15% efficiency lead over competitors by the conclusion of 2024.
H.C. Wainright analysts have reiterated their Buy rating, showcasing their belief in CIFR’s strategic vision and implementation.