The bank initiates research coverage of CleanSpark (top pick), Marathon Digital, Riot Platforms and Cipher Mining. The bitcoin (BTC) mining industry is at a crucible moment, as the approval of a spot BTC exchange-traded-fund (ETF) could catalyze a rally against a backdrop of record hashrates and the impending block reward halving that threaten the industry’s revenues and profitability, JPMorgan (JPM) said in a research report Wednesday. The 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 (CLSK) with an overweight rating and a price target of $5.50; Marathon Digita
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