Key Insights:
- JPMorgan stated that the first quarter of 2025 represented one of the highest performances for Bitcoin miners to date.
- MARA Holdings led the Bitcoin mining operations for the ninth straight quarter.
- IREN achieved the most gross profit in the group for the first time.
The initial three months of 2025 were highlighted as one of the most successful for U.S.-listed Bitcoin mining entities, according to a recent report from JPMorgan. Analysts Reginald Smith and Charles Pearce noted that among the five monitored companies, four experienced record revenues and profits.
In total, the miners generated approximately $2.0 billion in gross profits, reflecting a gross margin of 53%. This is an increase from $1.7 billion and a 50% margin the previous quarter.
MARA Holdings continued to be a leader in Bitcoin mining, while IREN recorded the group’s highest gross profits for the first time, achieving the “lowest all-in cash cost per coin at about ~$36,400.”
Conversely, MARA recorded the highest cost per coin at nearly $72,600. The five mining firms reviewed by the bank raised only $310 million in equity during this period, which marks a significant decline of $1 billion compared to the previous quarter. Furthermore, they estimated a total expenditure of $1.8 billion on energy, up by $50 million from the previous quarter.
The bank maintains an overweight rating on CleanSpark, IREN, and Riot Platforms, while assigning a neutral rating to Cipher Mining and MARA.
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Bitcoin Miner Price Targets Raised to Reflect Improved Industry Economics: JPMorgan
