The Bitcoin mining industry is excited as the cryptocurrency is nearing its maximum supply limit, with only 1.28 million of the 21 million Bitcoin tokens left to be mined.
A recent JPMorgan analysis highlights a significant opportunity, estimating the value of remaining BTC tokens at $74 billion at current prices, signaling a pivotal moment for miners and investors.
JPMorgan’s valuation comes alongside adjustments to several Bitcoin mining companies’ target prices, reflecting changes in the cryptocurrency’s value and mining dynamics. Due to these changes, the bank lowered its target values for companies such as CleanSpark, Iren, Marathon Digital and Riot Platforms.
For example, CleanSpark’s target was lowered to $10.50 from $12.5, and Iren’s was lowered to $9.50 from $11. Despite these reductions, JPMorgan views Iren and Riot as potential buying opportunities following recent share price declines.
Additionally, JPMorgan’s report estimates that Bitcoin block rewards could generate approximately $37 billion in revenue over the next four years, although that figure is 19% lower than previous estimates but 85% higher than last year.
In addition to the current dynamics, CryptoQuant reported that Bitcoin reserves held by miners rose to 368,000 BTC, valued at $22.36 billion, the highest in over two years. This significant increase in miners’ reserves could signal a potential downturn in the market as they may be preparing to sell large amounts of Bitcoin, potentially affecting the price of the cryptocurrency.
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