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Reading: Major Banks Assess Bitcoin Miners’ Shift Towards Infrastructure Models
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COINTURK NEWS > Bitcoin (BTC) > Major Banks Assess Bitcoin Miners’ Shift Towards Infrastructure Models
Bitcoin (BTC)Cryptocurrency Mining

Major Banks Assess Bitcoin Miners’ Shift Towards Infrastructure Models

In Brief

  • Leading banks reviewed key Bitcoin miners, focusing on Cipher Mining and TeraWulf.

  • Firms are shifting towards infrastructure models with long-term leasing agreements.

  • Marathon Digital maintains a riskier profile due to reliance on Bitcoin prices.

İlayda Peker
İlayda Peker 7 months ago
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A leading investment bank has issued new evaluations for three major publicly-listed Bitcoin mining companies. The report highlights Cipher Mining and TeraWulf as potentially high-return ventures, while taking a more cautious approach with Marathon Digital.

Contents
Appraisals and TargetsNew Approach in Bitcoin MiningStrategic Directions of Companies

Appraisals and Targets

Cipher Mining, based in New York, stands out due to its notable stock performance this year. The analysis places a price target of $38 for Cipher Mining and $37 for TeraWulf. Following these assessments, Cipher’s share value jumped 134% to reach $16.50, and TeraWulf’s shares rose by 13% to $16.20. On the other hand, Marathon Digital’s share price increased to $8.28, still shy of the targeted $8 mark.

New Approach in Bitcoin Mining

The bank’s report indicates that some crypto miners are evolving from traditional operations towards becoming infrastructure providers. Stephen Byrd and his team emphasize the potential for companies with data center infrastructure and long-term leasing contracts to generate stable, long-term cash flows.

Bitcoin mining facilities, through leasing agreements, could yield continual revenue akin to traditional data centers.

Both Cipher Mining and TeraWulf are leading this infrastructure transition. Cipher Mining is poised to shift to a revenue model based on rental income, while TeraWulf harnesses its expertise in energy infrastructure and data centers. The aim is to add 250 megawatts of data center capacity annually up to 2032, exploring various success rate models.

Strategic Directions of Companies

Marathon Digital’s strategy sets it apart from its peers. Analysts point out that Marathon’s dual focus on Bitcoin mining and data center operations potentially limits its transformation potential. The company’s valuation notably hinges on Bitcoin prices.

Marathon Digital’s limited data center history and historically low returns from mining investments were noted as concerns.

Some large-scale mining firms are moving away from traditional mining in the current market climate, turning to AI and cloud infrastructure projects. Their efforts to secure steady incomes through long-term contracts are prominently featured.

Shrinking profit margins and halving cycles in the crypto mining sector are steering companies toward investments in digital infrastructure and high-performance data centers. Many organizations are aiming to develop stable income models through AI, energy management, and long-term leasing agreements.

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İlayda Peker 10 February, 2026 - 1:48 am 10 February, 2026 - 1:48 am
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İlayda Peker
By İlayda Peker
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The author, who holds a degree in International Relations and Political Science, has 10 years of experience as a writer and editor in the fields of cryptocurrency, blockchain technologies, and digital asset markets.While at COINTURK, he has published over 8,500 news articles, analyses, essays, and reports on Bitcoin, altcoins, cryptocurrency markets, the blockchain ecosystem, digital asset regulations, and global financial developments. Closely following market movements and industry developments, the author addresses the complex world of cryptocurrency in a clear and reader-friendly manner.An avid reader, the author also evaluates the impact of international developments on financial markets and the digital asset ecosystem.
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