Bitcoin News Today: Bitcoin miners shift to HPC, prompting JPMorgan to reassess values: Data centers take the lead in a new era

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Bitget-RWA2025/11/24 18:50

By:Bitget-RWA

- JPMorgan Chase upgraded Cipher Mining and CleanSpark to Overweight, cutting targets for legacy miners as the sector shifts to high-performance computing (HPC) and cloud infrastructure. - Analysts project 1.7 gigawatts of HPC capacity by 2026, with Cipher and CleanSpark well-positioned to capitalize on the transition through 410 MW and 200 MW of critical IT contracts respectively. - Traditional miners like Marathon and Riot face lower targets due to weak bitcoin prices and rising hashrate, while HPC valua

JPMorgan Chase has revised its perspective on the

bitcoin

mining industry, upgrading

Cipher Mining

(CIFR) and

CleanSpark

(CLSK) to Overweight, while lowering price targets for established players such as Marathon Digital (MARA) and Riot Platforms (RIOT). These changes

signal a significant industry transition

toward high-performance computing (HPC) and cloud infrastructure, with analysts predicting a more confident phase for miners evolving into data-center operators.

Reginald Smith and Charles Pearce from the firm

pointed to a notable increase in long-term HPC agreements

, with over 600 megawatts of contracts secured since late September, including collaborations with AWS, Microsoft, and Google-backed Fluidstack. JPMorgan now anticipates miners will dedicate 1.7 gigawatts of essential IT capacity to HPC by the end of 2026, representing 35% of their authorized power capacity.

Bitcoin News Today: Bitcoin miners shift to HPC, prompting JPMorgan to reassess values: Data centers take the lead in a new era image 0

This strategic shift is a key reason for the upgrades of Cipher and CleanSpark, which

the bank considers well-placed to benefit

from the ongoing transformation.

Cipher Mining's rating was moved up from Neutral to Overweight, with its price target for December 2026 increased to $18 from $12. The analysts

referenced the company's 410 MW in HPC contracts

and a 45% drop in share price as an "attractive entry opportunity." They estimate Cipher could achieve 480 MW of critical IT capacity by 2026, or 64% of its approved total, with long-term facilities in 2028–2029 potentially boosting its valuation

based on market research

. CleanSpark, on the other hand, kept its Overweight rating, with the $14 price target maintained. The bank

highlighted CleanSpark's 200 MW of critical IT capacity

at its Texas location, valued at $13 million per megawatt.

Conversely, JPMorgan lowered MARA's price target from $20 to $13, citing sluggish bitcoin prices, increasing network hashrate, and dilution from ATM offerings and convertible notes. The firm

decreased MARA's mining business valuation

from $2.5 billion to $1.3 billion. Riot's target was reduced to $17 from $19, with analysts

expecting a 600-MW colocation agreement

at its Corsicana facility and a revised mining valuation of $1 billion.

The report also raised IREN's price target to $39 from $28, reflecting its $9.7 billion deal with Microsoft and integrated cloud capacity valuations. However, the firm

kept an Underweight rating

, stating that the current stock price already factors in future HPC projects at undeveloped sites.

The market responded quickly. Cipher's stock climbed 4.59% to $14.80, while CleanSpark advanced 4.42% in pre-market trading

based on market figures

. JPMorgan observed that HPC capacity valuations have risen, with critical IT colocation now valued between $8 million and $17 million per megawatt, and integrated cloud capacity reaching as high as $19 million

according to industry projections

. The firm's revisions highlight a widespread sector revaluation, as miners shift from bitcoin mining to more diverse data-center revenue models

as noted in industry reports

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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