JPMorgan Chase upgraded Cipher and CleanSpark ratings, while downgrading the target prices of MARA and Riot, leading to an overall revaluation of Bitc...
TL;DR
JPMorgan Chase upgraded Cipher Mining and maintained CleanSpark's ratings, while downgrading MARA and Riot's target prices. The report highlights Bitcoin miners' shift to HPC, with 1.7 GW of capacity expected by 2026.
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On November 25, JPMorgan Chase released its latest industry report, which made a comprehensive rating adjustment to Bitcoin mining companies and data center operators transforming to high-performance computing (HPC), indicating that the industry is entering a "high-certainty phase of HPC/cloud computing transformation".
Since the end of September, mining companies have signed long-term AI/HPC contracts exceeding 600 MW, including collaborations with giants such as AWS, Google-backed FluidStack, and Microsoft. JPMorgan predicts that by the end of 2026, mining companies will announce approximately 1.7 GW of critical IT load plans, representing about 35% of approved power capacity.
The rating changes are as follows:
• Cipher Mining: Upgraded to Overweight, with a target price of $18 (previously $12).
CleanSpark: Maintain Overweight rating, target price $14;
• IREN: Target price $28 → $39, but maintain the "reduce" rating;
• MARA: Target price $20 → $13;
Riot: Target price $19 → $17.
JPMorgan Chase predicts that mining companies will add 1.7 GW of HPC critical IT capacity by 2026.