JPMorgan has estimated that the value of the remaining 1.3 million Bitcoin (BTC) tokens left to be mined is approximately $74 billion at current prices. This valuation was highlighted in a research report released by the Wall Street bank on Friday.
The report comes as JPMorgan lowered its price targets for several Bitcoin mining companies, reflecting their second-quarter financial results, changes in Bitcoin’s price, and adjustments in the network hashrate. The hashrate, which measures the total computational power used to mine Bitcoin and process transactions on its blockchain, is a key factor in determining the profitability of mining operations.
Specifically, JPMorgan reduced CleanSpark’s (CLSK) price target from $12.50 to $10.50, maintaining a neutral rating on the stock. Iren (IREN) saw its price target cut from $11 to $9.50, but the bank retained its overweight rating. Marathon Digital (MARA), which is rated underweight, had its price target lowered from $14 to $12. Similarly, Riot Platforms (RIOT), also rated overweight, had its price target reduced from $12 to $9.50.
Despite these adjustments, JPMorgan remains optimistic about the four-year block reward revenue opportunity, estimating it at around $37 billion—down 19% since early June but up 85% year-on-year.
Among the miners, JPMorgan favors Iren and Riot, noting that recent underperformance in these stocks could present a buying opportunity for investors. The bank pointed out that Riot has lagged behind the sector year-to-date due to “operational snags,” but there is potential for improved sentiment and share price gains in the coming months as the company enhances its uptime and production metrics.
Meanwhile, Iren’s recent drop in stock price, attributed to a sharp rise in power costs related to hedging losses reported in July, is seen by JPMorgan as a correctable issue, making it an attractive investment opportunity.