Texas Data Center Pause Proposal Prompts 7 Bitcoin Miner Target Cuts

Gina Hinojosa’s victory in the Texas governor’s race has added uncertainty to data-center expansion plans, prompting Bernstein to cut price targets for seven Bitcoin mining companies with exposure to the state’s power market. Hinojosa has called for pausing approvals for new data centers until the state Legislature establishes rules to protect residents. Her campaign proposals also included requiring developers to show projects would not raise household utility bills, restricting confidentiality agreements with communities and ending longstanding government incentives. Bernstein’s team, led by senior analyst Gautam Chhugani, lowered targets by 35% to 54%. Its target for Cipher Mining fell to $15 from $23; IREN’s to $55 from $100; TeraWulf’s to $20 from $36; Core Scientific’s to $19 from $32; Riot Platforms’ to $18 from $35; MARA Holdings’ to $10 from $17…

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