Bitcoin Miners Just Had One of Their Best Quarters on Record, JPMorgan Says
The first quarter of 2025 was one of the best periods on record for U.S.-listed bitcoin BTC mining companies, Wall Street bank JPMorgan (JPM) said in a research report Friday.
"Four of the five operators in our coverage reported record revenue and profits," analysts Reginald Smith and Charles Pearce wrote.
In aggregate, the miners earned gross profit of about $2.0 billion with gross margins of 53%. Those figures compare with $1.7 billion and 50% in the previous quarter, the bank said.
MARA Holdings (MARA) mined the most bitcoin in the bank's coverage universe for the ninth quarter in a row, the report said.
IREN (IREN) earned the most gross profit of the group for the first time, the bank noted. The miner also recorded the "lowest all-in cash cost per coin at just ~$36,400."
Conversely, MARA posted the highest cost per coin of around $72,600, the bank said.
The five mining companies that the bank tracks issued only $310 million of equity in the quarter, a drop of $1 billion from the fourth quarter last year. CleanSpark (CLSK) did not raise any equity in the period, the bank noted.
The bank estimated the companies spent $1.8 billion in total on power, $50 million more than in the previous quarter.
The bank has an overweight rating on CleanSpark, IREN and Riot Platforms (RIOT), and a neutral rating for Cipher Mining (CIFR) and MARA.Sign in to access your portfolio
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The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. We do not guarantee any claims, statements, or promises made in this article. This content is for informational purposes only and should not be considered financial, investment, or trading advice. Investing in crypto and mining-related opportunities involves significant risks, including the potential loss of capital. It is possible to lose all your capital. These products may not be suitable for everyone, and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector—including cryptocurrency, NFTs, and mining—complete accuracy cannot always be guaranteed. Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release. In the event of any legal claims or charges against this article, we accept no liability or responsibility. Globenewswire does not endorse any content on this page. Legal Disclaimer: This media platform provides the content of this article on an 'as-is' basis, without any warranties or representations of any kind, express or implied. We assume no responsibility for any inaccuracies, errors, or omissions. We do not assume any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information presented herein. Any concerns, complaints, or copyright issues related to this article should be directed to the content provider mentioned above. Photos accompanying this announcement are available at
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