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

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.