[JPMorgan Upgrades Cipher and CleanSpark Ratings, Lowers MARA and Riot Price Targets, Bitcoin Mining Companies Face Overall Revaluation] BlockBeats News, November 25: JPMorgan recently released an industry report, making comprehensive rating adjustments for Bitcoin mining companies and data center operators transitioning to high-performance computing (HPC). The report indicates that the industry is entering a 'high-certainty phase of HPC/cloud computing transformation.' Since the end of September, mining companies have signed over 600 MW of long-term AI/HPC contracts, including collaborations with giants such as AWS, Google-backed Fluidstack, and Microsoft. JPMorgan predicts that by the end of 2026, mining companies will announce approximately 1.7 GW of critical IT load construction plans, accounting for about 35% of approved power capacity. Rating changes are as follows: - Cipher Mining: Upgraded to Overweight, target price $18 (previously $12); - CleanSpark: Maintained Overweight, target price $14; - IREN: Target price $28 → $39, but still maintained Underweight; - MARA: Target price $20 → $13; - Riot: Target price $19 → $17. JPMorgan expects mining companies to add 1.7 GW of critical HPC IT capacity by 2026.