Rosenblatt analyst Chris Brendler believes Cipher Mining (CIFR) is the preferred choice for bitcoin miners transitioning to AI/high-performance computing (AI/HPC), citing its undervalued valuation at currently $9.8 million per megawatt compared to peers like TeraWulf (WULF) at up to $12 million per megawatt. The report highlights the deteriorating economics of mining, with hash prices falling to $0.031/TH/day, prompting operators to shift toward more profitable AI infrastructure contracts. Cipher's appeal lies in its 2.5 gigawatts of power reserves and a 15-year lease agreement with Amazon Web Services (AWS) for a 300 megawatt facility.

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