Cipher Mining (CIFR) Climbs 9.3% as JPMorgan Expects Bitcoin Surge to $240,000

We precocious published 10 Big Names Feasting connected Gains Ahead of Thanksgiving. Cipher Mining Inc. (NASDAQ:CIFR) is 1 of the best-performing stocks connected Wednesday.

Cipher Mining rallied for a 3rd consecutive time connected Wednesday, jumping 9.30 percent to adjacent astatine $19.15 apiece arsenic investors took bosom from an concern firm’s bullish semipermanent outlook for Bitcoin.

In a marketplace note, JPMorgan said it projects Bitcoin prices to scope the $240,000 level implicit the semipermanent period, adjacent aft taking a 28 percent plunge this period from its highest level of $126,000 successful October. As of writing, Bitcoin prices were up by 3.32 percent to $90,295 from the time prior.

Bitcoin remains Cipher Mining Inc.’s (NASDAQ:CIFR) largest gross generator, adjacent arsenic the institution gradually transitions into AI servicing.

As of the 3rd 4th of the year, Cipher Mining Inc. (NASDAQ:CIFR) generated $71.7 cardinal successful revenues from its Bitcoin operations, marking a astir 200 percent leap from the $24.1 cardinal registered successful the aforesaid play past year.

For the nine-month period, revenues from Bitcoin mining surged by 50 percent to $164 cardinal from $109 cardinal year-on-year.

In different caller developments, Cipher Mining Inc. (NASDAQ:CIFR) announced plans to officially redeem its outstanding warrants for $0.01 apiece until 5 PM connected December 26, 2025. The warrants are lone exercisable connected a cashless basis.

Any warrants that remained unexercised by the deadline volition past beryllium void and nary longer exercisable.

While we admit the imaginable of CIFR arsenic an investment, our condemnation lies successful the content that immoderate AI stocks clasp greater committedness for delivering higher returns and person constricted downside risk. If you are looking for an highly inexpensive AI banal that is besides a large beneficiary of Trump tariffs and onshoring, spot our escaped study connected the best short-term AI stock.

READ NEXT: 30 Stocks That Should Double successful 3 Years and 11 Hidden AI Stocks to Buy Right Now.

Disclosure: None. This nonfiction is primitively published at Insider Monkey.