JPMorgan analyst Reginald Smith raised the firm’s price target on Marathon Digital to $16.50 from $16 and keeps an Underweight rating on the shares. The bitcoin halving will occur on April 16 and could have sweeping implications for the bitcoin mining industry, the analyst tells investors in a research note. The firm believes the halving will cut industry revenues in half, triggering a wave of consolidation and business closures, while rationalizing the network hashrate and industry capex, which is ultimately good for the remaining operators.
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