The bitcoin halving is set to take place in the next few days, which will cut miners' main stream of revenue in half.
"We believe a bitcoin price above $60,000-$65,000 means the halving is de-risked for nearly all public miners," Needham analyst John Todaro wrote in a note to clients on Tuesday.
It currently costs miners between $36,000 and $52,700 to mine a single bitcoin, Todaro said.
Miners offer amplified exposure to bitcoin's price action, which has been more volatile since the launch of bitcoin ETFs introduced more leverage to the market.
"That's propelled bitcoin to a threshold where the miners are really generating healthy economics," said Colonnese.
Persons:
—, Needham, John Todaro, Todaro, Iris, Mike Colonnese, Wainwright, Iris Energy, bitcoin, it's, — CNBC's Michael Bloom
Organizations:
Marathon, Iris Energy, Cipher Mining, Miners, H.C, Iris, JPMorgan
Locations:
exahash