• CIFR is trading 4.9% down at $26.76 in pre-market, extending its pullback after a strong multi-day rally last week.
  • This occurs as a VanEck report published today discusses a $50 billion funding gap for Bitcoin miners pursuing AI infrastructure, while noting that Cipher Mining (CIFR) has already secured significant AI leases, including a $5.5 billion, 15-year lease with AWS, and is raising $810 million to finance its Stingray facility.
  • The report suggests investors should value miners based on gross energy output, reflecting a shift towards AI.