According to a recent research report by JPMorgan, the value of the remaining 1.3 million bitcoins yet to be mined is approximately $74 billion at current market prices. The Wall Street bank also revised its price targets for several major bitcoin mining companies, reflecting updated second-quarter earnings and changes in both bitcoin’s price and the network’s hashrate.
The bank cut its price target for CleanSpark (CLSK) from $12.50 to $10.50 while maintaining a neutral rating on the stock. Similarly, Iren (IREN) saw its price target reduced from $11 to $9.50, although it remains rated as overweight. Marathon Digital (MARA), which is rated underweight, had its price target trimmed from $14 to $12. Riot Platforms (RIOT), rated overweight, saw its target lowered from $12 to $9.50.
JPMorgan’s report estimates that the four-year block reward revenue for bitcoin mining is currently around $37 billion. While this figure is down 19% since early June, it is up 85% compared to the same time last year, reflecting the volatile but overall positive trajectory in the sector.
Among the miners covered by the bank, Iren and Riot Platforms are preferred picks due to their growth potential. JPMorgan sees recent declines in these stocks as buying opportunities. Riot, in particular, has underperformed the sector year-to-date due to operational issues, but the bank expects better sentiment and improved share performance in the coming months as uptime and production metrics stabilize.
Iren’s recent drop in stock price followed a sharp rise in power costs reported in July due to hedging losses. JPMorgan views this setback as a temporary issue and believes it presents an attractive entry point for investors.
As the bitcoin mining industry continues to evolve, JPMorgan’s analysis underscores the significant revenue potential for miners, even as market conditions fluctuate.
