Bitcoin’s mining world is buzzing with excitement as the cryptocurrency nears its maximum supply limit. With only 1.28 million Bitcoins left to be mined out of the total 21 million, recent analyses by JPMorgan highlight a massive opportunity of $74 billion worth of Bitcoin still up for mining. This significant figure underscores a crucial moment for Bitcoin miners and investors alike.
$74B worth of Bitcoin Remaining
J.P. Morgan, a major investment banking service, has evaluated the current situation and identified the remaining 1.28 million Bitcoins as holding a value of about $74 billion at today’s prices. This assessment comes amidst recent adjustments in their price targets for several Bitcoin mining companies.
The bank has lowered its price targets for companies like CleanSpark, Iren, Marathon Digital, and Riot Platforms, due to it’s recent changes in Bitcoin’s value and mining power.
For instance, J.P. Morgan reduced CleanSpark’s target to $10.50 from $12.50, while Iren’s target dropped to $9.50 from $11. Marathon Digital’s target fell to $12 from $14, and Riot Platforms’ target was cut to $9.50 from $12. Despite these reductions, the bank sees potential in Iren and Riot, suggesting that recent dips in their stock prices might present good buying opportunities.
Revenue Opportunities
Further J.P. Morgan’s report also highlights that Bitcoin’s block rewards could bring in around $37 billion over the next four years. Although this estimate is down 19% from earlier this year, it’s up 85% from last year.
With Bitcoin nearing its mining limit, the focus is on the remaining tokens and the opportunities they offer for miners and investors.
Bitcoin Miner Reserves Hit 368,000 BTC
According to a recent report by CryptoQuant, Bitcoin reserves held by miners have reached their highest level in over two years, now totaling 368,000 BTC, valued at approximately $22.36 billion. Historically, when reserves reach such high levels, it can be a precursor to a market drop.
Currently, Bitcoin reserves on over-the-counter (OTC) desks have risen to levels not seen since June 2022. The recent data shows a 70% surge in miner OTC balances over the past three months. This sharp increase suggests that miners may be gearing up to sell substantial amounts of Bitcoin, which will sparks possible decline in Bitcoin’s price.
