Bitcoin mining and AI are merging: JPMorgan highlights one company

JPMorgan, one of the world’s largest investment banks, stated that Bitcoin mining companies have started to receive serious investments as they meet the needs of the artificial intelligence world. While the bank highlighted some mining companies in this sense, one of them has a great advantage.

Bitcoin mining and AI are merging: JPMorgan highlights one company

Bitcoin mining companies listed on US exchanges, which have huge energy resources, are now being targeted by firms that provide both artificial intelligence and computing resources on a large scale.

JPMorgan cited the example of the Core Scientific mining company’s deal with CoreWeave, an artificial intelligence firm. According to the bank’s analysts, this deal will actually lead Bitcoin miners to expand into new lines of business and diversify their activities.

The value of companies increased by 22%

This agreement between Core Scientific and CoreWaeve increased the value of mining companies in a short time. In the bank’s report, it was stated that after this agreement, the value of 14 mining companies followed by analysts increased by about 22%.

The most important was shown as IREN

Some mining companies were also highlighted in the report written by Reginald Smith and Charles Pearce. The most important of these was IREN. Iris Energy, which returned from the brink of bankruptcy in the crypto crisis in 2022, later changed its name to IREN. Stating that the company, which mines with 100% renewable energy, is the target of companies in the High-Performance Computing (HPC) trend, analysts used the following statements:

“IREN is known for having high-quality data centers and significant experience in managing them. It also has access to significant amounts of energy.”

The report also made detailed comments on 4 important mining companies and made the following statements:

  • Cipher Mining (IFR): It stands out with its competitive energy costs and strong operational track record. However, it has a smaller power line compared to IREN.
  • Riot Platforms (RIOT): They continue to have a strong commitment to Bitcoin mining. They have also shown no interest in HPC despite their ample power capacity.
  • Marathon Digital (MARA) and CleanSpark (CLSK) are using more expensive options in terms of power generation.

Analysts also highlighted the falling Bitcoin price, noting that many mining stocks also outperformed Bitcoin in the first 2 weeks of June.

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