1 day ago
JPMorgan (JPM) raised its terms targets for a fig of bitcoin BTC mining companies to bespeak first-quarter results and changes to the bitcoin terms and the web hashrate, the slope said successful a study Friday.
The slope lifted its CleanSpark (CLSK) terms people to $14 from $12, its Riot Platforms (RIOT) nonsubjective to $14 from $13 and its MARA Holdings (MARA) people to $19 from $18.
"Our terms targets mostly accrued owed to higher bitcoin prices and improving mining profitability," analysts Reginald Smith and Charles Pearce wrote.
JPMorgan said it tweaked the terms targets to bespeak a 24% summation successful the bank's spot bitcoin presumption and a 9% summation to its web hashrate estimate.
The hashrate refers to the full combined computational powerfulness utilized to excavation and process transactions connected a proof-of-work blockchain, and is simply a proxy for contention successful the manufacture and mining difficulty.
JPMorgan reiterated its overweight standing connected CleanSpark, IREN (IREN) and Riot, and its neutral standing for Cipher Mining (CIFR) and MARA.
Read more: Bitcoin Mining Profitability Improved successful May, JPMorgan Says
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