Cipher Mining initiated with a Buy at Needham

Needham analyst John Todaro initiated coverage of Cipher Mining with a Buy rating and $2.70 price target. The company is growing rapidly, adding 13,300 machines in January of 2023, according to its most recent monthly update, to bring its hash rate capacity to 4.3 EH/s, the analyst tells investors in a research note. The firm further notes that Cipher Mining’s rapid growth does not come at the expense of cost control, as the company has the lowest direct energy costs per BTC among public miners and some of the lowest all-in breakeven costs.