10 Most Undervalued Bitcoin Mining Stocks to Buy Now

8. Cipher Mining Inc (NASDAQ:CIFR)

Analyst Upside: 163.16%

Number of Hedge Fund Holders: 23

Cipher Mining Inc. (NASDAQ:CIFR) develops and operates bitcoin mining data centers. It operates four bitcoin mining data centers in Texas through its subsidiaries, including Cipher Mining Technologies Inc. The company specializes in industrial-scale Bitcoin mining and is dedicated to enhancing and fortifying the critical infrastructure of the Bitcoin network in the US.

Cipher Mining Inc. (NASDAQ:CIFR) reported revenues worth $42 million in fiscal Q4 2024 and GAAP net earnings of $18 million. It produced adjusted earnings of $51 million for the quarter, up $54 million from the prior quarter. These numbers demonstrate the company’s success in executing its vision as a low-cost bitcoin producer. Management anticipates the relative advantages of being a low-cost bitcoin producer to continually grow in the future, which is why investors are bullish on the stock.

The company successfully upgraded its Odessa fleet in fiscal Q4 2024, which grew its total self-mining hash rate to 13.5 EH/s. Cipher Mining Inc. (NASDAQ:CIFR) expects to continue building on this growth in 2025, with its hash rate projected to reach at least 23 EH per second in the third quarter of this year. This growth will be supported by the completion of phase one of the company’s 300-megawatt Black Pearl data center, which would substantially expand its current operating capacity of 327 megawatts.

Rosenblatt initiated coverage of the company with a Buy rating and $6.50 price target, assuming a 6-times expected forward adjusted EBITDA multiple on the stock due to its belief that it will enter the higher-multiple HPC business. The company ranks eighth on our list of the 10 most undervalued bitcoin mining stocks to buy now.