BTIG analyst Gregory Lewis started coverage of Cipher Mining (NASDAQ:CIFR) with a Buy rating as the bitcoin (BTC-USD) miner "has one of the lowest cost structures in the BTC mining industry creating attractive unit economics allowing the business to operate through the cycle."
In addition to the company's low-cost, fixed-price cost structure, Lewis sees longer-term potential for it to "become a more integrated player in the energy-generation space," he wrote in a note.
The company's near-term focus, meantime, is maximizing bitcoin (BTC-USD) mining capacity. It's targeting ~7.2 exahashes of self-mining capacity by the end of Q3, well above the ~2.8 EH logged in December.
Even with the upbeat coverage, CIFR slipped 0.4% in Friday morning trading.