Reggie Smith, lead FinTech analyst at JP Morgan, joins us to discuss his recent research into Bitcoin mining stocks including Riot, Marathon, Cleanspark and Cipher Mining.

Smith argues that an increase in Bitcoin price following a possible Bitcoin ETF approval would help Bitcoin mining stocks in the short term, but hurt the long term narrative of Bitcoin mining stocks as a proxy for Bitcoin.

JP Morgan chose these mining stocks due to various specific metrics, such as market prominence, recent growth and availability of information.

Metrics such as fleet efficiency and energy cost per kwH we’re used to help find target prices for each mining stock selected. Overall, JP Morgan estimates Bitcoin mining to be a $20 billion market over the next 4 years, based on current prices and hashrate estimates.

You can find a transcript of the episode here.

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