JPMorgan Says $74 Billion Of Bitcoin Left To Be Mined

Yolowire 23-Aug-2024 11:13 AM

U.S. bank %JPMorganChase (NYSE:JPM) has pegged the value of the remaining %Bitcoin (NYSE: $BTC) to be mined at $74 billion U.S. based on available supply and current prices.

Analysts at JPMorgan estimate that there are 1.3 million Bitcoin left to be mined, worth about $74 billion U.S. based on the cryptocurrency’s current price of just under $61,000 U.S.

JPMorgan made its latest estimate as it reduced its price targets for several Bitcoin miners following their recent second-quarter financial results and after a halving event this April that reduced the available supply of Bitcoin by 50%.

For example, JPMorgan reduced its price target on Bitcoin miner %CleanSpark (NASDAQ:CLSK) to $10.50 U.S. from $12.50 U.S. per share while maintaining a “neutral” rating on the stock.

The bank also lowered its price target on %Crypto miner %RiotPlatforms (NASDAQ:RIOT) to $9.50 U.S. a share from $12 U.S. previously, though it retained a “buy” rating on the shares.

Analysts at JPMorgan also lowered their estimate of the remaining value of Bitcoin rewards to be achieved by 19% to $37 billion U.S. following the halving event.

A wave of consolidation has swept through the crypto mining sector ever since the halving event took place this spring as miners try to achieve economies of scale and secure as much of the remaining supply of Bitcoin as possible.

The price of Bitcoin is up 38% so far this year, though it has declined 10% in the past month.