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JPMorgan Lowers Bitcoin Mining Stock Targets Amid Price Drop
Summary: JPMorgan has reduced price targets for bitcoin mining stocks due to falling bitcoin prices and a rising network hashrate. In a report released Friday, the investment bank lowered its spot bitcoin price assumption from $68,000 to $60,000 and increased its network hashrate estimate from 600 EH/s to 615 EH/s. These adjustments led to a decrease ...
JPMorgan has reduced price targets for bitcoin mining stocks due to falling bitcoin prices and a rising network hashrate. In a report released Friday, the investment bank lowered its spot bitcoin price assumption from $68,000 to $60,000 and increased its network hashrate estimate from 600 EH/s to 615 EH/s.
These adjustments led to a decrease in target gross profit per EH/s estimates for miners, with JPMorgan analysts noting that stock price targets were affected by share count dilution and lower bitcoin prices. The bank remains overweight on Iris Energy (IREN) and Riot Platforms (RIOT), while maintaining a neutral stance on Cipher Mining (CIFR) and CleanSpark (CLSK).
Despite the lowered targets, the report highlights potential opportunities for RIOT and IREN, noting improved production metrics for RIOT and viewing IREN's recent share price decline as a potential buying opportunity.
Tags: Bitcoin Mining,Hashrate,JP Morgan,Riot
Link: JPMorgan Lowers Bitcoin Mining Stock Targets Amid Price Drop [Copy]
