Banking behemoth JPMorgan believes that the shares of Bitcoin miner IREN (IREN) could potentially surge by 70%, according to a recent report by CNBC. The stock has now been upgraded to overweight. 

The stock is down by more than 33% on a year-to-date basis. It has substantially underperformed due to Bitcoin's massive price correction. 

However, JPMorgan's Reginald Smith is convinced that the stock has been "overly punished." At its current price, the analyst views it as an "attractive entry." 

As for some other key Bitcoin mining players, JPMorgan lowered its rating on the Cipher Mining (CIFR) stock to neutral.

JPMorgan remains bullish on CleanSpark (CLSK) and Riot Platforms (RIOT), with both of these stocks retaining their overweight ratings. 

According to a recent report by JPMorgan, publicly traded Bitcoin mining companies have lost more than $20 billion over the past month.  

As reported by U.Today, the banking giant remains bearish on the leading cryptocurrency after accurately predicting the massive correction.  

In its most recent report, JPMorgan analysts have predicted that publicly-traded mining companies will increase their share of the total Bitcoin hashrate. However, this would require operating with a higher level of efficiency in order to maintain profitability. 

Earlier this year, cryptocurrency mogul Mike Novogratz also opined that artificial intelligence was driving the transformation of the mining business.