THE MINING POD: JPMorgan Says Buy These Bitcoin Mining Stocks

Oct 7, 2025

JPMorgan's analysts reveal intriguing price targets for key Bitcoin mining stocks, sparking discussions on their future. The podcast dives into the economics of co-location versus cloud services, highlighting IREN's ambitious GPU expansion plans. The hosts analyze the strong market reactions to the report and how Core Scientific sets a crucial benchmark for AI pivots. Additionally, they compare enterprise-value ratios across various mining firms, uncovering insights into valuation models that could shape investor strategies.

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INSIGHT

Momentum Outruns Confirmed Deals

The market has rapidly re-rated miners as Bitcoin and AI narratives converge into Q4.
Social and macro momentum often outpaces actual contract signings and execution.

INSIGHT

AI Pivot Is Repricing Mining Stocks

JPMorgan re-rated several bitcoin miners based on AI/HPC pivot execution expectations.
Market excitement is driving valuations ahead of confirmed deals and revenue streams.

INSIGHT

CoreWeave/Core Scientific Set The Benchmark

Core Scientific's co-location deal with CoreWeave set the industry benchmark for AI pivots.
Subsequent deals (TerraWolf, Cipher) copied that blueprint and created revenue expectations for peers.

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JPMorgan analysts weigh in on price targets for IREN, CLSK, MARA, RIOT, and CIFR in a recent research note.

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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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