Share this article
Cipher's Bitcoin Mining Business Remains Compelling, Canaccord Says
The mining business is a standout in the sector in terms of exahash growth, operating performance and low power costs, the report said.
Updated Aug 21, 2024, 12:34 p.m. Published Aug 21, 2024, 12:31 p.m.
Make us preferred on Google
- Canaccord raised its Cipher Mining price target to $7 from $6 while maintaining its buy rating on the shares.
- The company's bitcoin mining business remains a standout in the sector, the report said.
- The miner has real artificial intelligence optionality with its recently acquired Reveille data center site, the broker said.
Cipher Mining's (CIFR) bitcoin mining business remains a standout in the sector in terms of exahash growth, operating performance and low power costs, broker Canaccord said in a research report on Wednesday.
The broker raised its price target for the bitcoin miner to $7 from $6 while maintaining its buy rating on the stock. The shares were 1.5% higher at $4.01 in early trading on Wednesday.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Canaccord said its positive view on the stock was reinforced by strong second quarter results which included an "outlook that contemplates strong exahash growth, a solid, unencumbered balance sheet, and by a business model that was more ready than most for the recent halving event."
The Bitcoin network hashrate is measured in exahash per second. Hashrate refers to the total amount of combined computational power used to mine and process transactions on a proof-of-work blockchain.
The company's operational update underscored another quarter where Cipher was again one of the lowest-cost producers in the bitcoin mining sector, the report said.
In another positive development, the bitcoin miner plans to "materially increase production efficiency" at its largest facility in Odessa, Texas, in the coming quarters, by upgrading its mining fleet, Canaccord said.
The miner's recently acquired Reveille site brings "real artificial intelligence (AI) optionality to Cipher," the broker said, as the facility benefits from access to fiber, water for cooling, and a grid connection.
Next year's planned exahash expansion at the greenfield Black Pearl site, also in Texas, remains on track for completion, the report added.
Read more: U.S.-Listed Bitcoin Miners Have the Upper Hand Over Unlisted Peers: Bernstein
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
Bitcoin hash rate slides during U.S. winter storm while markets shrug off mining disruption
The temporary loss of mining power underscores academic concerns that geographic and pool concentration can magnify infrastructure failures, though markets showed little immediate reaction.
What to know:
- Bitcoin’s hashrate fell about 10 percent during a U.S. winter storm, underscoring how local power disruptions can strain the network’s capacity to process transactions.
- Researchers have shown that concentrated mining, as seen in a 2021 regional outage in China, can lead to slower block times, higher fees and broader market disruptions.
- With a few large pools now controlling most of Bitcoin’s hashrate, the network is increasingly vulnerable to localized infrastructure failures, even as the price of BTC remains largely unaffected in the short term.
Top Stories
