JPMorgans Positive Stance on US Bitcoin Mining Companies: A Shift Towards HPC DealsJPMorgan has expressed a more favorable view on US-listed bitcoin mining companies, particularly those involved in high-performance computing (HPC) deals. This shift is due to the significant revenue these companies are generating from HPC contracts, with IREN and Cipher securing deals worth over nineteen billion dollars since late September. JPMorgan has upgraded Cipher Mining and CleanSpark to overweight ratings, while raising the price target for IREN. However, they have trimmed the price targets for Marathon Digital Holdings and Riot Platforms due to the recent dip in bitcoins price. Despite this, both Marathon and Riot saw their stock prices rise slightly in early trading. JPMorgan expects about 1.7 gigawatts of critical IT capacity from these companies by late 2026, with IREN and Cipher leading the way. This new focus on HPC is providing these miners with stronger cash flow visibility and lower discount rates, making them more attractive investments.

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