Cipher

Bitcoin

The potential approval of a Bitcoin spot ETF could revolutionize the BTC mining landscape. Amid record hashrates and a forthcoming block reward <a href="https://ultramining.com/news/en/heat-waves-and-halving-bitcoin-miners-cash-in-amid-rising-prices/">halving</a>, industry revenues and profitability face challenges. JPMorgan emphasized this as a defining moment for the sector, according to <a href="https://www.coindesk.com/business/2023/10/11/bitcoin-mining-industry-is-at-a-crucible-moment-jpmorgan-says/">coindesk</a>. 
Highlighting various mining operators, JPMorgan initiated coverage on several. <a href="https://ultramining.com/news/en/cleanspark-doubles-down-on-bitcoin-mining-with-55m-expansion/">CleanSpark</a> emerges as their favored choice due to its "scale, growth potential, power costs and relative value." The bank expects a price target of $5.50 for <a href="https://ultramining.com/news/en/cleanspark-doubles-down-on-bitcoin-mining-with-55m-expansion/">CleanSpark</a>. On the other hand, <a href="https://ultramining.com/news/en/marathon-digital-to-boost-energy-efficiency-with-s19-xp-miners/">Marathon</a> Digital, despite being the largest miner, suffers from high <a href="https://ultramining.com/news/en/impending-bitcoin-halving-may-trigger-major-hashrate-decline-say-experts/">energy costs</a> and slim margins, with a target set at $5. <a href="https://ultramining.com/news/en/riot-platforms-to-boost-efficiency-with-midas-immersion-coolings/">Riot</a> Platforms is valued at $6.50, given its low power expenses but steep stock cost. <a href="https://ultramining.com/news/en/cipher-mining-thrives-eyes-increased-market-share/">Cipher</a> Mining, with minimal power costs, faces growth restrictions. 
As the <a href="https://ultramining.com/news/en/senator-lummis-pushes-for-crypto-regulation-amid-sec-lawsuits/">U.S.</a> <a href="https://ultramining.com/news/en/bitcoin-mining-reshaping-landscape-amid-global-interest-surge/">SEC</a> mulls over the Bitcoin ETF approval, crypto enthusiasts anticipate a surge in mainstream investments. The bank's projections indicate a $20 billion four-year block reward opportunity at current BTC prices. However, the upcoming block reward <a href="https://ultramining.com/news/en/heat-waves-and-halving-bitcoin-miners-cash-in-amid-rising-prices/">halving</a> in 2024 might diminish profits. Around 20% of the network's <a href="https://ultramining.com/news/en/impending-bitcoin-halving-may-trigger-major-hashrate-decline-say-experts/">hashrate</a> could be jeopardized as outdated mining rigs retire.

JPMorgan Foresees Transformation in Bitcoin Mining Landscape

Ultramining_Eng

Other articles published on Oct 11, 2023

Blue Matty Statue NFT INO Wrap Up

Long-Term Bitcoin Holders Continue Amassing 50,000 BTC Per Month – Analyst

Sergey Nazarov Says People Will Understand Chainlink (LINK) When ‘We Power Everything’

Crypto Mining Co-Founder Charged with Duping Investors and Faking Robbery

A Saudi Prince, Chinese Government Officials, and Thai Prostitutes: Former Alameda Research CEO’s...

Tornado Cash Usage Drops 90% Following US Sanctions!

Join our free newsletter for daily crypto updates!