AI contracts, not bitcoin, now drive crypto miner valuations — Cipher and TeraWulf look cheap

Compass Point analysts Michael Donovan and Ed Engel argue that markets are failing to price in the value of AI data center pipelines being built by crypto mining companies, despite billions of dollars in signed lease agreements. They single out Cipher Mining and TeraWulf as particularly undervalued. The shift marks a turning point where AI contract portfolios, not bitcoin prices, are becoming the primary driver of miner valuations.

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More on this topic

🪙 Crypto Bitcoin mining stocks surge on multi-billion-dollar AI infrastructure deals Cointelegraph · 8d ago 🪙 Crypto Bernstein: Core Scientific's 75% AI deal return is a capex-driven outlier, not an industry template The Block · 13d ago 🪙 Crypto TeraWulf signs $19 billion AI hosting deal with Anthropic, pivots from Bitcoin mining CoinDesk · 15d ago