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☆ The Bitcoin network completes the fourth-ever ‘halving’ of rewards to miners
  + stars: | 2024-04-19 | by ( Tanaya Macheel | ) www.cnbc.com   time to read: +3 min
watch nowThe Bitcoin network on Friday evening completed its fourth "halving," reducing the rewards earned by miners to 3.125 bitcoins from 6.25. After the 2012, 2016 and 2020 halvings, the bitcoin price ran up about 93x, 30x and 8x, respectively, from its halving day price to its cycle top. Hash rates are a measure of the computational power used to process transactions on the bitcoin network. "The market so far has seen bitcoin mining stocks as mere BTC proxies, in absence of bitcoin ETFs," said Bernstein analyst Gautam Chhugani. "[The] Bitcoin halving is already partially priced in by the market and we do not expect prices to increase significantly following the halving event," the firm's Marion Laboure said in a note Thursday, adding that it "has been widely anticipated in advance due to the nature of the Bitcoin algorithm."
Persons: Reginald Smith, Bernstein, Gautam Chhugani, MARA, Nikolaos Panigirtzoglou, Marion Laboure Organizations: Metrics, JPMorgan, BTC, IRIS, Deutsche Bank Locations: Friday's
☆ JPMorgan likes these mining stocks to play the upcoming bitcoin halving
  + stars: | 2024-04-18 | by ( Tanaya Macheel | ) www.cnbc.com   time to read: +3 min
While most of the public cryptocurrency miners are positioned to survive the supply shock of the bitcoin halving, JPMorgan has named its top picks. "With the bitcoin halving on the horizon, we expect heightened volatility and trading volume in both bitcoin and mining stocks," Reginald Smith, an analyst at JPMorgan, said in a note this week. The bitcoin halving is estimated to take place in the next couple of days , and mining companies are preparing for reduced rewards revenue that will follow the event. Nevertheless, uncertainty ahead of the halving has pressured mining stocks, most of which are down double digits for the year. The halving occurs when incentives for bitcoin miners shrink to 3.125 newly created bitcoins — or about $20,000 at Thursday morning's prices — from 6.25, as mandated by the code of the bitcoin blockchain.
Persons: Reginald Smith, Smith, Iris, Iris Energy, MARA, CleanSpark, — CNBC's Michael Bloom Organizations: JPMorgan, Iris Energy, Iris
☆ Affirm is holding up well compared to other fintech lenders, says Reginald Smith
  + stars: | 2024-02-09 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailAffirm is holding up well compared to other fintech lenders, says Reginald SmithReginald Smith, Executive Director of Equity Research at JPMorgan, discusses earnings from Affirm and the overall fintech sector.
Persons: Reginald Smith Reginald Smith Organizations: Equity Research, JPMorgan
☆ Bitcoin tumbled after a slate of ETFs launched. Here’s why that might dent some crypto miners’ profitability
  + stars: | 2024-01-14 | by ( Tanaya Macheel | ) www.cnbc.com   time to read: +4 min
Investors in bitcoin mining stocks are closely watching the price of the cryptocurrency after the Securities and Exchange Commission's move to allow spot bitcoin ETFs became a sell-the-news event. After the ETFs received regulatory approval last week, the flagship currency briefly touched $49,000. As the week went on, however, bitcoin wiped out its earlier gains and notched a modest weekly loss of 0.01%. "If [the bitcoin price] gets to $45,000 or below only the newest, most efficient miners with the … lowest cost power are going to be able to stay online." "We would view any sell-off [in mining stocks] as a buying opportunity, as the ETF does not directly impact mining economics or change competitive dynamics, and we remain bullish on bitcoin and bitcoin miners in 2024," he wrote.
Persons: bitcoin, Reginald Smith, Chase White, they're, White, Iris Energy, Smith, Iris Organizations: Securities, Exchange, Marathon Digital, JPMorgan, bitcoin's, Compass, Iris, Cipher Mining, Iris Energy
☆ Bitcoin mining stocks are rallying, but some are poised for a fall if the cryptocurrency hits this key level
  + stars: | 2023-10-26 | by ( Tanaya Macheel | ) www.cnbc.com   time to read: +5 min
But the Bitcoin halving is expected in the spring and it will likely reduce companies' revenue. The Bitcoin halving event is highly anticipated event by crypto investors because it historically has set the stage for new bull runs. It takes place every four years when the reward for mining bitcoin – which makes up a significant portion of mining companies' revenue – is cut in half. Marathon famously has the highest energy costs and lowest margins, while Riot has relatively low power costs but shares are expensive. Lower revenue, higher costs Generally, the mining stocks benefit from bitcoin price increases because those translate into higher mining revenue for the company.
Persons: John Todaro, Reginald Smith, Needham, CleanSpark, There's, Smith, bitcoin, Michael Bloom Organizations: JPMorgan, Riot, Miners Locations: Marathon
☆ Interest rate environment isn't conducive to refinancing student loans: JPMorgan's Reginald Smith
  + stars: | 2023-06-30 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailInterest rate environment isn't conducive to refinancing student loans: JPMorgan's Reginald SmithReginald Smith Jr., JPMorgan analyst, joins 'Last Call' to explain why he think SoFi might not benefit from the student loan repayment as much as the street expects.
Persons: Reginald Smith Reginald Smith Jr Organizations: JPMorgan
☆ Bitcoin posted its worst month since November, but network activity saw record highs
  + stars: | 2023-06-02 | by ( Tanaya Macheel | ) www.cnbc.com   time to read: +2 min
Even though bitcoin just ended its first down month of the year, the network activity hit new record highs — and that's a good thing for Bitcoin and its investors. However, Bitcoin's average daily network hashrate – which measures how much computing power the network uses to process transactions and is a key indicator of the network's health – increased for the fifth consecutive month. Investors want the hashrate to be larger; the more energy devoted to securing the network, the broader and more decentralized the network becomes. At the same time, Bitcoin's mining difficulty increased by about 2% for the month and reached an all-time high. Transaction fees on Bitcoin also surged in May with the help of Ordinals , digital content on Bitcoin similar to nonfungible tokens, or NFTs, with some technical differences.
Persons: bitcoin, Bitcoin, Reginald Smith, Bitcoin's, Smith, Michael Bloom Organizations: Investors, JPMorgan Locations: U.S
☆ The most shorted stocks on Wall Street include Beyond Meat and this A.I. consumer lender
  + stars: | 2023-05-25 | by ( Alex Harring Nick Wells | Alex Harring | Nick Wells | ) www.cnbc.com   time to read: +2 min
Short interest in Beyond Meat rose almost 30% to about 25 million shares between April 28 and May 15, according to the data. Short interest similarly climbed even more for software firm Cvent , with investors increasing shorts just over 33% to nearly nine million shares. That's almost 40% of the stock's float. Short interest grew almost 10% to nearly 25 million shares, now accounting for 36.5% of float. The table shows all names with short interest accounting for more than 25% of float.
Persons: Terence Malone, Cvent, it's, Reginald Smith Organizations: Barclays, FactSet, JPMorgan, CNBC Pro, New York Stock Exchange, Nasdaq
☆ This A.I.-powered lending stock could be in trouble as macro environment worsens, JPMorgan warns
  + stars: | 2023-04-11 | by ( Alex Harring | ) www.cnbc.com   time to read: +2 min
Upstart shares will likely struggle as the environment for loans worsens, according to JPMorgan. Analyst Reginald Smith initiated coverage of the lending stock at underweight. Smith said the company benefited from pandemic stimulus driving lower default levels with other unsecured credit providers. The company reported record loan originations and profits in 2021. Smith recommended investors avoid buying shares until macro indicators like the company's Upstart Macro Index improve or management announces an expanded loan funding strategy.
☆ Investors who think recession fears are overblown should buy this lending stock, JPMorgan says
  + stars: | 2023-04-11 | by ( Alex Harring | ) www.cnbc.com   time to read: +3 min
LendingClub may be oversold after investors grew too wary of financial institutions' balance sheets and the impacts of a potential recession, JPMorgan said. "We like LendingClub's marketplace-bank model, which combines the fee income of a marketplace with interest income of a bank, personal loan market opportunity, and competitive positioning," he said in a note to clients Tuesday. Investors have been closely watching the balance sheets of financial institutions following the closure of Silicon Valley Bank last month. He said LendingClub is a leading player in what he called a fragmented and unpenetrated market for personal loans. Personal loans have become increasingly popular in recent years as consumers consolidated high-interest rate credit card debt and financed unexpected expenses, Smith said.
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