JPMorgan Chase (JPM) said in a research note on Monday that the bitcoin mining industry is attracting a wave of investor interest following the deal between Core Scientific (CORZ) and artificial intelligence (AI) firm CoreWeave. The bank noted that since the announcement, the total market capitalization of the 14 miners it tracks has increased by 22%, or $4 billion, while bitcoin has fallen 7% and the Standard & Poor 500 stock index has risen 3%.
Analysts Reginald Smith and Charles Pearce write that this reflects "alternative (and potentially more value-added) use cases for mining facilities and the scarcity and value of power access," adding that the Core Scientific deal "validates and will accelerate the diversification of miners" into high-performance computing (HPC) projects. "
JP Morgan: Bitcoin mining is attracting investor interest
2024-06-24 10:49:46
Disclaimer:
1. The information provided does not constitute investment advice. Investors should make independent decisions and bear all risks themselves.
2. The copyright of this content belongs to the original author. The views expressed herein are solely those of the author and do not represent the stance or position of this website.
