The bitcoin mining industry is at a crucible moment, as the approval of a spot BTC exchange-traded-fund could catalyze a rally against a backdrop of recordThe bank favors mining operators that offer the best relative value in light of their “existing hashrate, operational efficiency, power contracts, funded growth plans and liquidity,” analysts Reginald Smith and Charles Pearce wrote.JPMorgan initiates coverage of CleanSpark with an overweight rating and a price target of $5.
The analysts said that Marathon is the largest mining operator but has the highest energy costs and lowest margins. Meanwhile, Riot has relatively low power costs and liquidity but is the most expensive stock in their coverage universe.
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