Cipher Mining in the Labyrinth of Bitcoin’s Ascent
The Bitcoinian ascent, after a brief lull in August, has resumed its dance with the Federal Reserve’s rate cut-a key turned in the lock of a vault long sealed. Yet this is but one of many doors. Analyst Michael Donovan of Compass Point, a chronicler of mining ventures, has etched his judgment in the margins: a “buy” at $8 per share, as if deciphering a cipher hidden in the company’s balance sheet.