JPMorgan Boosts Price Targets for Bitcoin Miners as Profitability Improves

JPMorgan has raised its price targets for several leading bitcoin (BTC) mining firms, citing stronger-than-expected first-quarter results, higher bitcoin prices, and an increase in network hashrate.

In a research note published Friday, analysts Reginald Smith and Charles Pearce updated projections for CleanSpark (CLSK), Riot Platforms (RIOT), and MARA Holdings (MARA). The bank raised CleanSpark’s target from $12 to $14, Riot’s from $13 to $14, and MARA’s from $18 to $19.

“Our price targets generally increased due to higher bitcoin prices and improving mining profitability,” the analysts wrote.

The revisions reflect a 24% uplift in JPMorgan’s spot bitcoin price assumption, alongside a 9% increase in its projected bitcoin network hashrate — a key measure of competition and mining difficulty across the industry.

Hashrate refers to the aggregate computational power securing the Bitcoin network. A higher hashrate typically indicates rising competition among miners, which can affect operational margins.

The bank reiterated its overweight ratings on CleanSpark, Riot, and Iris Energy (IREN), while maintaining a neutral view on Cipher Mining (CIFR) and MARA.

These updates come amid broader optimism in crypto equities, driven by a more constructive outlook on digital asset adoption and improving post-halving economics for miners.