Bitcoin Miners CleanSpark, Cipher Mining Win JPMorgan Support For Growth, Efficiency Edge
JPMorgan doesn’t often issue upgrades to two bitcoin miners at once, but that’s exactly what happened on Tuesday with CleanSpark Inc (NASDAQ:CLSK) and Cipher Mining Inc (NASDAQ:CIFR).
The bank’s analyst Reginald L. Smith made the call to boost both stocks from Neutral to Overweight, and here’s why: the market has been overly punishing them despite the surging Bitcoin (CRYPTO: BTC) price, creating a golden opportunity for investors looking to capitalize on the ongoing crypto-mining boom.
Cipher Mining: Poised For Explosive Growth
For Cipher Mining, it’s all about power – literally. The company is expanding its electrical infrastructure and data centers in Texas, with plans to bring on a massive 300MW greenfield site by 2025. Cipher already benefits from one of the most attractive power contracts in the industry, coming in under $0.03 per kWh.
JPMorgan’s Smith sees Cipher as the best-positioned miner in the market right now. With its hash rate set to grow more than 190% by 2025 and active power capacity looking to expand by …
Full story available on Benzinga.com