Several Bitcoin mining stocks are basking in the spotlight on Wednesday, thanks to positive analyst coverage and a general uptick in the broader cryptocurrency market. Leading the charge is Cipher Mining Inc (CIFR), whose shares have jumped by approximately 12% at last check, according to Benzinga Pro. This surge follows a 15.1% increase on Tuesday after the company announced the completion of a 300 MW data center site in West Texas.
Cipher has revealed that their portfolio is set to expand to over 2.5 GW across 10 sites, encompassing their newly acquired Barber Lake site in West Texas and other recent additions. This ambitious expansion plan appears to have attracted significant interest from analysts.
Macquarie analyst Paul Golding initiated coverage on Cipher late Tuesday, bestowing an Outperform rating and setting a price target of $6. This positive analyst initiation is widely believed to be a key driver behind the stock’s upward momentum. Joining the chorus of optimism, Northland Capital Markets analyst Mike Grondahl also initiated coverage on Cipher on Wednesday morning, assigning an Outperform rating.
The positive analyst sentiment surrounding Cipher has spilled over to other Bitcoin miners. Several mining stocks experienced notable gains in early trading, although they have since pared some of those gains. CleanSpark Inc (CLSK) received a reiterated Buy rating from HC Wainwright & Co. analysts, who maintained a price target of $27 for CleanSpark shares. Macquarie also initiated coverage on CleanSpark on Wednesday morning, bestowing an Outperform rating and a price target of $20.
Macquarie has also initiated coverage on Marathon Digital Holdings (MARA) and Riot Platforms Inc (RIOT), awarding both Bitcoin mining stocks Outperform ratings with price targets of $22 and $15, respectively.
The broader crypto space is experiencing a surge on Wednesday, spearheaded by Bitcoin, which has climbed 1.22% over the past 24 hours. Bitcoin is currently trading around $63,825. Bitcoin spot ETFs have seen net inflows of $4.56 million to start the week. Crypto analyst Ilia Otychenko, as reported by Benzinga, has noted that Bitcoin is facing strong resistance at current levels. However, he believes that a sustained break above the 200-day moving average could propel prices towards $67,000. Otychenko has recently suggested, based on historical indicators, that Bitcoin could be on track for a new all-time high in the coming months.
At the time of publication, Bitcoin has risen approximately 1.2% over the past 24 hours, according to Benzinga Pro.
