JPMorgan: Bitcoin Miners Shift to AI, Yet Could Be Overpriced

Written by Ohris M. Greyoon, Blockchain & Crypto Expert

AI-3.561%

BTC-1.094%

Source: Coinmarketcap

Updated: Nov 24 2025

JPMorgan's Upgrades and Downgrades: JPMorgan upgraded Cipher Mining and CleanSpark to "Overweight" while cutting targets for Marathon Digital (MARA) and Riot Platforms (RIOT) due to concerns over shareholder dilution.
Shareholder Dilution Risks: The report indicates that mining firms may have 20%-33% more shares than currently reported, leading to potential overvaluation of these companies.
Shift to AI Computing: Bitcoin miners are diversifying their operations towards high-performance computing for AI, with Cipher Mining planning significant infrastructure expansion and CleanSpark enhancing its Texas datacenter.
Market Reactions: The investment bank's analysis reflects a growing recognition of the risks and opportunities in the mining sector, particularly as firms adapt to AI demand while facing capital challenges.

About the author

Ohris M. Greyoon

Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.

JPMorgan: Bitcoin Miners Shift to AI, Yet Could Be Overpriced

About the author

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