Latest news with #ReginaldSmith
Yahoo
14-06-2025
- Business
- Yahoo
Bitcoin Miners Just Had One of Their Best Quarters on Record, JPMorgan Says
The first quarter of 2025 was one of the best periods on record for U.S.-listed bitcoin BTC mining companies, Wall Street bank JPMorgan (JPM) said in a research report Friday. "Four of the five operators in our coverage reported record revenue and profits," analysts Reginald Smith and Charles Pearce wrote. In aggregate, the miners earned gross profit of about $2.0 billion with gross margins of 53%. Those figures compare with $1.7 billion and 50% in the previous quarter, the bank said. MARA Holdings (MARA) mined the most bitcoin in the bank's coverage universe for the ninth quarter in a row, the report said. IREN (IREN) earned the most gross profit of the group for the first time, the bank noted. The miner also recorded the "lowest all-in cash cost per coin at just ~$36,400." Conversely, MARA posted the highest cost per coin of around $72,600, the bank said. The five mining companies that the bank tracks issued only $310 million of equity in the quarter, a drop of $1 billion from the fourth quarter last year. CleanSpark (CLSK) did not raise any equity in the period, the bank noted. The bank estimated the companies spent $1.8 billion in total on power, $50 million more than in the previous quarter. The bank has an overweight rating on CleanSpark, IREN and Riot Platforms (RIOT), and a neutral rating for Cipher Mining (CIFR) and in to access your portfolio
Yahoo
13-06-2025
- Business
- Yahoo
Bitcoin Miner Price Targets Raised to Reflect Improved Industry Economics: JPMorgan
JPMorgan (JPM) raised its price targets for a number of bitcoin BTC mining companies to reflect first-quarter results and changes to the bitcoin price and the network hashrate, the bank said in a report Friday. The bank lifted its CleanSpark (CLSK) price target to $14 from $12, its Riot Platforms (RIOT) objective to $14 from $13 and its MARA Holdings (MARA) target to $19 from $18. "Our price targets generally increased due to higher bitcoin prices and improving mining profitability," analysts Reginald Smith and Charles Pearce wrote. JPMorgan said it tweaked the price targets to reflect a 24% increase in the bank's spot bitcoin assumption and a 9% increase to its network hashrate estimate. The hashrate refers to the total combined computational power used to mine and process transactions on a proof-of-work blockchain, and is a proxy for competition in the industry and mining difficulty. JPMorgan reiterated its overweight rating on CleanSpark, IREN (IREN) and Riot, and its neutral rating for Cipher Mining (CIFR) and in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
02-06-2025
- Business
- Yahoo
Bitcoin Mining Profitability Improved in May, JPMorgan Says
The total market cap of the 13 U.S.-listed miners that JPMorgan tracks rose almost 20% in May, as bitcoin BTC rallied and mining profitability increased, the bank said in a research report Monday. The Bitcoin network hashrate rose about 25 exahashes per second (EH/s) to an average of 897 EH/s last month, according to the report. The hashrate refers to the total combined computational power used to mine and process transactions on a proof-of-work blockchain, and is a proxy for competition in the industry and mining difficulty. Mining profitability improved in May. The bank estimated that "bitcoin miners earned an average of $51,600 per EH/s in daily block reward revenue in May, up 16% from April," analysts Reginald Smith and Charles Pearce wrote. Daily block reward gross profit also increased substantially, jumping 36% month-on-month to $27,900 per EH/s, the bank noted. IREN (IREN) outperformed the group with a 37% rise, and Bitfarms (BITF) underperformed with an 8% decline, JPMorgan said. Seven of the thirteen bitcoin mining companies that the bank tracks outperformed bitcoin last month, the report in to access your portfolio
Yahoo
20-05-2025
- Business
- Yahoo
Bitcoin Network Hashrate Rose Slightly in First Two Weeks of May: JPMorgan
The Bitcoin network hashrate rose 2% in the first two weeks of May to an average of 885 exahashes per second (EH/s), Wall Street bank JPMorgan (JPM) said in a research report Friday. The hashrate refers to the total combined computational power used to mine and process transactions on a proof-of-work blockchain, and is a proxy for competition in the industry and mining difficulty. Miner profitability improved in May, as the price of bitcoin BTC rose, and gross margins expanded, the bank said. The hashprice, a measure of daily mining profitability, rose 13% from April, which the bank said was "encouraging." "We estimate miners earned ~$50,100 in daily block reward revenue per EH/s over the first two weeks of the month, up 13% from last month and 3% y/y," analysts Reginald Smith and Charles Pearce wrote. U.S.-listed miners maintained their share of the network hashrate, and currently account for about 30.5% of the network, a 1.1% increase from April, the bank said. The total market cap of the 13 U.S.-listed bitcoin mining stocks that the bank tracks rose 24%, or $4.6 billion, this month. Bitdeer (BTDR) outperformed with a 43% gain, while Greenidge (GREE) underperformed the sector with a 5% decline, the report in to access your portfolio
Yahoo
01-05-2025
- Business
- Yahoo
Bitcoin Miners With HPC Exposure Underperformed BTC for Third Straight Month: JPMorgan
Bitcoin (BTC) mining companies with high-performance computing (HPC) exposure underperformed the world's largest cryptocurrency for the third month in a row in April, Wall Street bank JPMorgan said in a research report on Thursday. Some bitcoin miners have pivoted into new business areas, such as offering HPC services to the fast growing artificial intelligence (AI) market, to reduce their dependence on crypto. "We note miners with HPC exposure (IREN, RIOT, WULF, HUT) underperformed BTC performance for the third consecutive month," analysts Reginald Smith and Charles Pearce wrote. Mining profitability fell in April as the network hashrate increased. Daily block reward revenue declined 6% from March, the bank said, while the monthly average hashrate rose around 56 exahashes per second (EH/s), or 6% month-on-month, to 872 EH/s in April. "This was the second largest sequential increase in the monthly average network hashrate on record," the authors wrote. The hashrate refers to the total combined computational power used to mine and process transactions on a proof-of-work blockchain, and is a proxy for competition in the industry and mining difficulty. The total market cap of the 13 U.S.-listed mining stocks that the bank tracks increased 12% from March. Greenidge (GREE) was a notable outperformer in April with a 46% gain. Read more: Bitcoin Miner 1Q Results May Disappoint as Hashprice Fell, Tariffs Hit: CoinShares Sign in to access your portfolio
