Bitcoin Miners Light Up: CleanSpark, Riot, MARA See Up To 44% Upside On Stronger BTC Economics

Bitcoin's (CRYPTO: BTC) still riding high – and JPMorgan thinks the miners are just getting warmed up. In a fresh note, analyst Reginald L. Smith boosted price targets on several top crypto mining stocks, pointing to higher spot BTC assumptions and improving mining profitability.

CleanSpark Inc (NASDAQ:CLSK) leads the charge with a potential 44% upside, while Riot Platforms Inc (NASDAQ:RIOT) and MARA Holdings Inc (NASDAQ:MARA) aren't far behind, with 37% and 20% upside potential, respectively. IREN Ltd (NASDAQ:IREN) has an 18% upside potential, per Smith.

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What's changed?

JPMorgan raised its spot bitcoin forecast by 24% and now expects the network hash rate to climb 9% faster than previously estimated. That means more power—and more profit—for efficient miners.

CleanSpark's improved fleet efficiency and expanding power footprint pushed its December 2025 target to $14 from $12. Riot's power portfolio is also gaining value, now pegged at $1.6 billion thanks to strategic development across its 3.5GW+ energy network.

The bank uses a sum-of-the-parts valuation, factoring in mining operations, land and power portfolios, and Bitcoin on balance sheets.

In that last category, Mara Holdings gets a HODL boost for holding nearly 49,000 BTC, earning it a 1.3x premium on those reserves. IREN, on the other hand, gets no such bump—its lack of BTC holdings and diluted share count keep its target flat at $12.

While JPMorgan remains neutral on Cipher Mining Inc (NASDAQ:CIFR) and MARA, it reiterated overweight ratings on CleanSpark, Riot, and IREN, citing attractive valuations and rising demand for mining capacity.

With the crypto market shrugging off macro jitters and presidential-election-era volatility, miners could be next in line to benefit – especially if bitcoin keeps climbing and rack space remains king.

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