Bitcoin Miner Price Targets Increased as Industry Economics Improve: JPMorgan
JPMorgan (JPM) Raises Price Targets for Several Bitcoin Mining Companies
BTC mining companies worth $104,909.92 will reflect first-quarter results and changes in the price of bitcoin and the network hashrate, the bank said in a report published on Friday.
The bank raised its target price on CleanSpark (CLSK) shares from $12 to $14, its target price on Riot Platforms (RIOT) shares from $13 to $14, and its target price on MARA Holdings (MARA) shares from $18 to $19.
“Our price targets have generally increased due to rising Bitcoin prices and improving mining profitability,” analysts Reginald Smith and Charles Pierce wrote in a note.
JPMorgan said it updated its price targets to reflect a 24% increase in the bank's forecast for bitcoin spot prices and a 9% increase in its estimate of the network's hash rate.
Hashrate represents the total computing power used to mine and process transactions on a proof-of-work blockchain and serves as an indicator of industry competitiveness and mining difficulty.
JPMorgan reiterated its Outperform ratings on CleanSpark, IREN (IREN) and Riot, and Neutral ratings on Cipher Mining (CIFR) and MARA.
Details: JPMorgan reports Bitcoin mining profitability increased in May
Source: cryptonews.net
