JPMorgan Chase: Bitcoin mining is in a “serious moment”, and CleanSpark is currently the most favored mining company

Odaily Planet Daily News JP Morgan said in a research note on Wednesday that the Bitcoin mining industry is at a critical moment as the approval of a spot Bitcoin ETF could catalyze a rebound on the back of record computing power and the upcoming halving. , which threatens the industry’s revenue and profitability. The bank favors miners that offer the best relative value based on "existing hash power, operating efficiencies, power contracts, plans to fund growth and liquidity," analysts wrote. J.P. Morgan rates CleanSpark (CLSK) an overweight rating with a price target of $5.50; gives Marathon Digital (MARA) an underweight rating with a price target of $5; gives Riot Platforms (RIOT) an underweight rating with a price target of $6.50; Cipher Mining (CIFR) has a Neutral rating; Iris Energy (IREN) was upgraded to Overweight from Neutral. CleanSpark is the bank's top choice, offering the best balance of "scale, growth potential, power costs and relative value." Analysts said that Marathon is the largest crypto mining company, but has the highest energy costs and the lowest profit margins; at the same time, Riot has relatively low power costs and liquidity, but the highest stock price; Cipher Mining has the lowest power costs, but “growth Restricted". (CoinDesk)