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Welcome back to The Mining Pod! Today, Will and Colin dive into JPMorgan's latest research report on Bitcoin mining stocks pivoting to AI and HPC. We analyze JPMorgan's IREN price target, break down the economics of co-location vs cloud services, and examine potential upside for Cipher, Riot, Clean Spark, and MARA.
**Notes:**
• IREN target
• Sweetwater needs 1GW+ deal to justify valuation
• Co-location: $3.7-8.6M/MW vs cloud: $5.3M/MW
• IREN expanding to 23,000 GPUs by Q1 2026
• Cipher EV/revenue at 31.9x vs IREN at 12.9x
• Core Scientific sets co-location benchmark
Timestamps:
00:00 Start
02:43 Mining stocks ripping
06:26 Core Scientific benchmark for AI pivot
15:34 Cleanspark Ad
16:05 IREN
27:06 Valuation models
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