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Bitcoin Miners Just Had One of Their Best Quarters on Record, JPMorgan Says
Jun 13, 2025, 2:15 p.m.
What to know:
- JPMorgan said the first three months of 2025 was one of bitcoin miners' best quarters to date.
- MARA Holdings mined the most bitcoin for the ninth consecutive quarter, the report said.
- IREN earned the most gross profit for the first time.
The first quarter of 2025 was one of the best periods on record for U.S.-listed bitcoin 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.
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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.
Read more: Bitcoin Miner Price Targets Raised to Reflect Improved Industry Economics: JPMorgan
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