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The Wall Street bank updated its models and price targets for the miners to account for second quarter results and changes in the price of bitcoin and the network hashrate.

The pool mined the first block after last week's halving, winning an "epic" sat in the process.

Daily block reward gross profit fell to the lowest "on recent record" last month, the report said.

October could be a harder month for the miners with the network hashrate currently 11% higher while the bitcoin price is up only about 5%, the report said.

The total market cap of the fourteen publicly listed mining stocks the bank tracks fell 18% since the end of last month, the report said.

Miners earned an average of $43,600 per exahash a second in daily block rewards last month, the lowest rate on record, the report said.

The network's monthly average hashrate surged to a record high, the report said.

Iris Energy is best positioned to take advantage of the HPC/AI opportunity, the report said.

The effect of miner concentration is yet to be seen, the note said.