In a report published by JPMorgan analysts, they said that there may be developments that could shake the balance in Bitcoin mining.
JPMorgan highlighted in a recent research report that Bitcoin (BTC) mining companies with attractive energy contracts could make interesting acquisition targets. This comes at a time when hyperscalers and artificial intelligence (AI) companies are exploring different alternatives to secure their energy needs.
The mining industry is witnessing a surge in mergers and acquisitions, especially after the Bitcoin halving. Shares of Core Scientific (CORZ) rose on Tuesday after cloud computing firm CoreWeave signed a 200 megawatt (MW) artificial intelligence deal with Bitcoin mining. CoreWeave also reportedly made an all-cash offer to acquire the company. In another development, Riot Platforms (RIOT), another major Bitcoin miner, made an aggressive bid to acquire peer Bitfarms (BITF) last month.
According to JPMorgan, Core Scientific news will be most impactful for Iris Energy (IREN), which is an early adopter of HPC and has rights to develop over 2 gigawatts (GW) of power.
