Cipher Mining Inc. (CIFR) Diversifies Pipeline into Energy Business amid Focus on Bitcoin Mining Operations

Cipher Mining Inc. (NASDAQ:CIFR) is one of the best cryptocurrency and blockchain stocks to buy now. On January 6, Cipher Mining Inc. (NASDAQ:CIFR) announced the appointments of Lee Bratcher as Head of Policy and Government Affairs and Drew Armstrong as Head of Strategic Initiatives.

Earlier on December 23, Cipher Mining Inc. reached an agreement to acquire a 200-megawatt site in Ohio. The acquisition includes 195 acres of land and secured capacity from AEP Ohio.

The site is to give Cipher Mining access to PJM, the nation’s largest wholesale electricity market. Additionally, the site is well-suited for high-performance computing activities given its acreage and the availability of diverse fiber paths. With the acquisition, the company’s development pipeline has grown to 3.4 GW across 8 sites.

The acquisition underscores the company’s push for high-quality opportunities nationwide as it continues to expand and diversify its development pipeline alongside Bitcoin mining operations.

“Leveraging our proven sourcing capabilities, Cipher is continuing to seize the opportunity to shape the future of high-performance computing infrastructure. This new site, in a new power market, gives us additional capacity to continue expanding our HPC hosting business while broadening our geographical footprint,” said Tyler Page, CEO of Cipher.

Following the news, Compass Point reiterated its Buy rating on the stock with a $28 target. However, on December 19, Rosenblatt cut its price target on Cipher Mining to $25 from $33 but kept a Buy rating, citing 2025’s tough environment for Bitcoin miners as rising network difficulty and falling BTC prices squeezed profitability. The firm added that pure‑play crypto miners face greater financial strain than those diversifying into high‑performance computing (HPC).

Cipher Mining Inc. (NASDAQ:CIFR) is a technology company that builds and operates large-scale data centers, originally for Bitcoin mining. Still, it is now pivoting to provide hosting for High-Performance Computing (HPC) and Artificial Intelligence (AI) infrastructure for major tech companies like Amazon Web Services (AWS), securing long-term revenue streams.

While we acknowledge the potential of CIFR as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

READ NEXT: 10 Best Debt-Free Penny Stocks to Buy Right Now and 10 Best Blue Chip Stocks to Buy for 2026.

Disclosure: None. This article is originally published at Insider Monkey.