JPMorgan (JPM) has increased its price objectives for a number of bitcoin
The mining companies reflect the results of the first quarter and the changes in the price of bitcoin and the network’s hashrate, the bank said in a report on Friday.
The bank has lifted its target of Cleanspark (CLSK) at $ 14 against $ 12, its targeting of riot platforms (Riot) at $ 14 against $ 13 and its MARA Holdings (Mara) goal at $ 19, against $ 18.
“Our price objectives have generally increased due to the rise in bitcoin prices and improvement of mining profitability,” wrote Reginald Smith and Charles Pearce analysts.
JPMorgan said that he had changed the price objectives to reflect a 24% increase in the Bitcoin hypothesis of the bank and an increase of 9% to its estimate of network hashrate.
The hashrate refers to the total combined calculation power used to exploit and treat transactions on a blockchain of evidence of work, and is an indirect indicator of competition in the industry and mining difficulties.
JPMorgan reiterated his overweight note on Cleanspark, Iren (Iren) and Riot, and his neutral note for the exploitation of figures (CIFR) and Mara.
Find out more: Bitcoin’s profitability has improved in May, says JPMorgan
