Cipher Mining

ConvictionModerate

Power-site arbitrage: Cipher's scarce asset is energized, grid-connected, interconnect-queued MW in Texas (Odessa, Barber Lake, Black Pearl), NOT its ASICs. It repurposes those sites from volatile hash-price-linked BTC mining (~$3-5M/MW/yr) into long-dated (10-15yr), contracted, credit-backstopped HPC leases (~$1.5-2M/MW/yr) at higher, more stable margins and richer multiples. Unlike a pure shell-lessor it retains full project ownership and self-develops the campuses, so it carries build/financing/execution risk to capture more of the value chain. A capital-intensive real-asset landlord, not a software business.