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CIFR vs. CRCL: Which Crypto-Infrastructure Stock Has an Edge Now?
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Key Takeaways
CRCL is benefiting from strong USDC growth, with circulation and transaction volumes rising sharply.
CIFR boosted mining output to 629 Bitcoin and expanded capacity to 477 megawatts in Q3 2025.
CRCL advanced its tech stack with CCTP volume up 640% and over 100 partners testing its Arc Network.
Cipher Mining (CIFR - Free Report) and Circle Internet Group (CRCL - Free Report) are major players in the cryptocurrency infrastructure space. While Cipher Mining builds and operates industrial-scale data centers for bitcoin mining and high-performance computing, Circle Internet Group serves as a leading platform for stablecoins and blockchain infrastructure.
Per the Grand View Research report, the global cryptocurrency market size was valued at $5.70 billion in 2024. It is expected to reach $11.71 billion by 2030, expanding at a CAGR of 13.1% from 2025 to 2030. Both CIFR and CRCL are poised to benefit from this rapid growth pace.
Cipher Mining or Circle Internet Group: Which of these Crypto-Infrastructure stocks has the greater upside potential? Let’s find out.
The Case for CIFR Stock
Cipher Mining is benefiting from its growing bitcoin mining portfolio. The company’s bitcoin mining operations have contributed significantly to its financial performance. In the third quarter of 2025, the company mined 629 Bitcoin across its wholly owned sites, generating $72 million in revenues.
In the third quarter of 2025, CIFR increased its mining capacity from 423 megawatts to 477 megawatts across its five mining sites, which include Odessa, Alborz, Bear, Chief, and Black Pearl. This expansion exceeded previous hash rate projections.
The company also reached a total self-mining hash rate of about 23.6 exahash per second, exceeding expectations for the third quarter of 2025. These positions Cipher Mining as one of the most efficient miners in the industry, with a fleet efficiency of 16.8 joules per terahash.
Cipher Mining is also benefiting from an expanding clientele, which includes the likes of Amazon’s cloud computing platform, Amazon Web Services (AWS), Fluidstack, and Google. These partnerships have solidified CIFR’s credibility in the high-performance computing sector.
The Case for CRCL Stock
Circle Internet Group is benefiting from the growing demand for the USD Coin (USDC) stablecoin. USDC in circulation grew 108% year over year to $73.7 billion at the third-quarter end. Average USDC in circulation surged 97% year over year to $67.8 billion. In the third quarter of 2025, USDC on-chain transaction volume grew 6.8 times year over year to nearly $9.6 trillion, reflecting growing usage.
Circle Internet Group’s focus on innovation and scalability is driving its success in the cryptocurrency space. The company has developed key infrastructure like the Cross-Chain Transfer Protocol (CCTP), which enables secure and efficient transfers of digital dollars across blockchain networks. CCTP volume grew 640% year over year to $31.3 billion in the third quarter of 2025, representing nearly half of all bridged volume tracked by major providers.
The company is driving innovation in blockchain technology through its Arc Network, which has been noteworthy. In the third quarter of 2025, Circle Internet Group started the public testnet for Arc, which already has more than 100 major partners testing it, including AWS, BlackRock, HSBC, Mastercard, Standard Chartered, and Visa.
In the third quarter of 2025, CRCL also increased adoption through new partnerships and expanded collaborations across digital assets, banking infrastructure, payments, international dollar access, and capital markets. Key partners included Brex, Deutsche Borse Group, Finastra, Fireblocks, Hyperliquid, Kraken, Unibanco Itau, and Visa.
Price Performance and Valuation of CIFR and CRCL
In the past three-month period, Cipher Mining shares have rallied 172.8%, outperforming Circle Internet Group shares, which have plunged 44.5%. The outperformance in Cipher Mining can be attributed to higher bitcoin prices and increased production from the Black Pearl facility.
Circle Internet Group shares lost as the company is suffering from rising expenses, signaling near-term pressure on margins.
CIFR and CRCL Stock Performance
Image Source: Zacks Investment Research
Both Cipher Mining and Circle Internet Group shares are currently overvalued, as suggested by a Value Score of F and D, respectively.
In terms of forward 12-month Price/Sales, CIFR shares are trading at 20.51X, higher than CRCL’s 5.4X.
CIFR and CRCL Valuation
Image Source: Zacks Investment Research
How Do Earnings Estimates Compare for CIFR & CRCL?
For 2025, the Zacks Consensus Estimate for loss is pegged at 37 cents per share, which has widened by a penny over the past 30 days. CIFR reported a loss of 14 cents per share in the year-ago quarter.
The Zacks Consensus Estimate for CRCL 2025 earnings is pegged at a loss of 87 cents per share, significantly narrower than the loss of $1.94 per share over the past 30 days.
While both Cipher Mining and Circle Internet Group are well-positioned to benefit from the surging demand in the cryptocurrency market, the latter appears to have the stronger edge at present. Circle Internet Group is moving in a good direction with steady growth in stablecoin use and new platform developments, which bodes well for the company’s prospects in the long term.
Despite a robust bitcoin mining portfolio and an expanding clientele, Cipher Mining’s higher depreciation expense from new mining rigs and upgrades at Odessa, along with increased electricity costs due to network hash rate growth, could affect profitability.
Image: Bigstock
CIFR vs. CRCL: Which Crypto-Infrastructure Stock Has an Edge Now?
Key Takeaways
Cipher Mining (CIFR - Free Report) and Circle Internet Group (CRCL - Free Report) are major players in the cryptocurrency infrastructure space. While Cipher Mining builds and operates industrial-scale data centers for bitcoin mining and high-performance computing, Circle Internet Group serves as a leading platform for stablecoins and blockchain infrastructure.
Per the Grand View Research report, the global cryptocurrency market size was valued at $5.70 billion in 2024. It is expected to reach $11.71 billion by 2030, expanding at a CAGR of 13.1% from 2025 to 2030. Both CIFR and CRCL are poised to benefit from this rapid growth pace.
Cipher Mining or Circle Internet Group: Which of these Crypto-Infrastructure stocks has the greater upside potential? Let’s find out.
The Case for CIFR Stock
Cipher Mining is benefiting from its growing bitcoin mining portfolio. The company’s bitcoin mining operations have contributed significantly to its financial performance. In the third quarter of 2025, the company mined 629 Bitcoin across its wholly owned sites, generating $72 million in revenues.
In the third quarter of 2025, CIFR increased its mining capacity from 423 megawatts to 477 megawatts across its five mining sites, which include Odessa, Alborz, Bear, Chief, and Black Pearl. This expansion exceeded previous hash rate projections.
The company also reached a total self-mining hash rate of about 23.6 exahash per second, exceeding expectations for the third quarter of 2025. These positions Cipher Mining as one of the most efficient miners in the industry, with a fleet efficiency of 16.8 joules per terahash.
Cipher Mining is also benefiting from an expanding clientele, which includes the likes of Amazon’s cloud computing platform, Amazon Web Services (AWS), Fluidstack, and Google. These partnerships have solidified CIFR’s credibility in the high-performance computing sector.
The Case for CRCL Stock
Circle Internet Group is benefiting from the growing demand for the USD Coin (USDC) stablecoin. USDC in circulation grew 108% year over year to $73.7 billion at the third-quarter end. Average USDC in circulation surged 97% year over year to $67.8 billion. In the third quarter of 2025, USDC on-chain transaction volume grew 6.8 times year over year to nearly $9.6 trillion, reflecting growing usage.
Circle Internet Group’s focus on innovation and scalability is driving its success in the cryptocurrency space. The company has developed key infrastructure like the Cross-Chain Transfer Protocol (CCTP), which enables secure and efficient transfers of digital dollars across blockchain networks. CCTP volume grew 640% year over year to $31.3 billion in the third quarter of 2025, representing nearly half of all bridged volume tracked by major providers.
The company is driving innovation in blockchain technology through its Arc Network, which has been noteworthy. In the third quarter of 2025, Circle Internet Group started the public testnet for Arc, which already has more than 100 major partners testing it, including AWS, BlackRock, HSBC, Mastercard, Standard Chartered, and Visa.
In the third quarter of 2025, CRCL also increased adoption through new partnerships and expanded collaborations across digital assets, banking infrastructure, payments, international dollar access, and capital markets. Key partners included Brex, Deutsche Borse Group, Finastra, Fireblocks, Hyperliquid, Kraken, Unibanco Itau, and Visa.
Price Performance and Valuation of CIFR and CRCL
In the past three-month period, Cipher Mining shares have rallied 172.8%, outperforming Circle Internet Group shares, which have plunged 44.5%. The outperformance in Cipher Mining can be attributed to higher bitcoin prices and increased production from the Black Pearl facility.
Circle Internet Group shares lost as the company is suffering from rising expenses, signaling near-term pressure on margins.
CIFR and CRCL Stock Performance
Image Source: Zacks Investment Research
Both Cipher Mining and Circle Internet Group shares are currently overvalued, as suggested by a Value Score of F and D, respectively.
In terms of forward 12-month Price/Sales, CIFR shares are trading at 20.51X, higher than CRCL’s 5.4X.
CIFR and CRCL Valuation
Image Source: Zacks Investment Research
How Do Earnings Estimates Compare for CIFR & CRCL?
For 2025, the Zacks Consensus Estimate for loss is pegged at 37 cents per share, which has widened by a penny over the past 30 days. CIFR reported a loss of 14 cents per share in the year-ago quarter.
Cipher Mining Inc. Price and Consensus
Cipher Mining Inc. price-consensus-chart | Cipher Mining Inc. Quote
The Zacks Consensus Estimate for CRCL 2025 earnings is pegged at a loss of 87 cents per share, significantly narrower than the loss of $1.94 per share over the past 30 days.
Circle Internet Group, Inc. Price and Consensus
Circle Internet Group, Inc. price-consensus-chart | Circle Internet Group, Inc. Quote
Conclusion
While both Cipher Mining and Circle Internet Group are well-positioned to benefit from the surging demand in the cryptocurrency market, the latter appears to have the stronger edge at present. Circle Internet Group is moving in a good direction with steady growth in stablecoin use and new platform developments, which bodes well for the company’s prospects in the long term.
Despite a robust bitcoin mining portfolio and an expanding clientele, Cipher Mining’s higher depreciation expense from new mining rigs and upgrades at Odessa, along with increased electricity costs due to network hash rate growth, could affect profitability.
Cipher Mining and Circle Internet Group carry a Zacks Rank #3 (Hold) each at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.