JPMorgan: Bitcoin Mining Opportunity Worth About $74 Billion
The potential value of the remaining 1.3 million bitcoins to be mined is about $74 billion at the current bitcoin price, according to a new research note from Wall Street investment bank JPMorgan Chase. The bank also lowered its price targets for CleanSpark (CLSK), Iren (IREN), Marathon Digital (MARA), and RiotPlatforms (RIOT) to reflect second-quarter results as well as changes in the bitcoin price and network arithmetic. JPMorgan expects the block reward revenue opportunity to be around $37 billion over the next four years, down 19% from early June but up 85% year-over-year. The bank expressed a preference for Iren and Riot Platforms, arguing that the recent underperformance of these stocks provides a buying opportunity for investors.
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