J.P. Morgan analysts Reginald L. Smith and Charles Peace have published a note on the Bitcoin mining industry, providing insights for investors and stakeholders. They initiate coverage on four significant players in the sector and upgrade IREN to Overweight. The analysts estimate a $20 billion four-year block reward opportunity and observe significant hash rate growth. They predict a deceleration in hash rate growth and suggest that up to 20% of the network hash rate could go offline in April 2024. The analysts identify CleanSpark as their top pick, noting its balanced attributes. Marathon Digital, Riot Platforms, and Cipher Mining are also discussed with their respective strengths and weaknesses. The article concludes with a disclaimer stating that the expressed views and opinions do not constitute financial advice.
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