Analysts at H.C. Wainright are optimistic about Cipher Mining Inc.’s (CIFR) investment strategy, projecting an upside potential to $6.

Cipher Mining Inc. has announced an upgrade to its mining fleet in Odessa, leading to an upward revision of its 2024 and 2025 hash rate targets following a revised contract. Due to this upgrade, H.C. Wainright analysts have raised their price target from $5.50 to $6, implying significant potential growth from the current trading price of $4.15.

The updated contract accelerates delivery timelines and includes the newest S21 Pro miners, which will replace the initially requested T21s. As a result, Cipher’s self-mining hash rate target for 2024 has been increased by 45% to 13.5 EH/s.

At the time of writing, CIFR is trading at $4.15 a share.

CIFR’s Optimistic Future

This upgrade will phase out old equipment and deploy new miners at CIFR’s Odessa facility. The new miners are expected to significantly improve the company’s efficiency and cost-effectiveness, positioning CIFR as a leader in the industry.

For 2025, CIFR has further raised its outlook by 40% to 35 EH/s, anticipating full power capacity at its Black Pearl site. Once fully operational, the fleet-wide efficiency is projected to reach 15 J/TH.

CIFR’s stock responded positively to the update, closing 5% higher and outperforming the Nasdaq. Supported by low power costs, the company aims for a 15% efficiency lead over competitors by the end of 2024.

H.C. Wainright analysts reiterate a Buy rating, reflecting confidence in CIFR’s strategic direction and execution.

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