JPMorgan Assesses US Bitcoin Mining Market at $74 Billion

The US market for mining the leading cryptocurrency is valued at $74 billion, according to estimates from JPMorgan, reports CoinDesk.

This figure corresponds to the value of 1.3 million BTC available for mining at current price levels, the institution explained.

The report indicates that block formation revenues over the next four years will amount to approximately $37 billion. This is 19% less than in early June, but 85% more than last year.

Analysts presented revised calculations following the release of quarterly reports by public companies, as well as considering recent changes in price and hash rate.

Experts lowered price targets for the following stocks:

• Cleanspark (CLSK) — from $12.5 to $10.5;
• Mara (MARA) — from $14 to $12;
• IREN (IREN) — from $11 to $9.5;
• Riot Platforms (RIOT) — from $12 to $9.5.

Experts recommended the securities of the last two companies, noting their attractiveness amid recent sluggish performance.

In June, the market value of 14 US-listed mining companies tracked by JPMorgan rose to a historic peak of $22.8 billion.

In July, analysts questioned the sustainability of bitcoin’s growth, citing a reassessment considering volatility compared to gold.