Morgan Stanley say bitcoin mining only profitable above 8600 dollars. I'm not sure this is correct though, especially if future valuations come anywhere close to fruition.
Its not correct. I mean its juts about the time and hash rate calculation which defines the ultimate fate of everything. If you have bigger hash rate then your ROI time will be less no matter what are the prices. If you have less hash rate then obviously it will take huge time to recover the cost of set up.
Im not sure how Morgan got that calculation but for me that is how it works. I might be wrong but hey come on its working just fine for me. After holding if the price grow huge then obviously that would rise in my profit itself.