Top 10 Penny Stocks That Will Skyrocket

6. Cipher Mining Inc. (NASDAQ:CIFR)

Price: $2.92

Analyst Upside Potential: 173.97%

Number of Hedge Fund Holders: 23

Cipher Mining Inc. (NASDAQ:CIFR) is a US-based technology company specializing in industrial-scale Bitcoin mining. It focuses on developing and operating Bitcoin mining data centers. On March 7, Rosenblatt initiated a Buy rating on the stock, with a price target of $6.5.

During the fiscal fourth quarter of 2024, the company generated $42 million in revenue with net earnings of $18 million. Moreover, the adjusted earnings for the quarter grew to $51 million, reflecting its ability to drive earnings from its low-cost bitcoin production model. As a major strategic development, Cipher Mining Inc. (NASDAQ:CIFR) completed the acquisition of Stingray, a data center in West Texas with 100 MW of front-of-the-meter capacity. In addition to this, the company also acquired 337 additional acres of land adjacent to its Barber Lake site.

As per the February 2025 update, Cipher Mining Inc. (NASDAQ:CIFR) mined 180 bitcoins during the month and sold 235, with an operating hash rate of 13.5. It is one of the top penny stocks that will skyrocket.