Bitcoin Miners Achieved Record Profits in Q2 2025, JPMorgan Reports
JPMorgan reported that the second quarter and summer of 2025 were pivotal for bitcoin miners, with record cash operating profits and a shift towards high-performance computing (HPC).
- Cipher Mining secured a 244 MW colocation deal, highlighting the industry's move towards HPC.
- Despite increased hashrates, gross profits rose due to higher bitcoin prices and more efficient operations.
- Production costs increased slightly as competition grew and HPC investments expanded.
- IREN and Cipher had the lowest power costs per bitcoin mined at approximately $29,000 and $31,200, respectively. MARA had the highest at about $56,200.
- On a fully loaded basis, IREN and CleanSpark led with costs near $54,000 and $60,000 per coin, while Riot's costs were $81,000.
- Bitcoin averaged around $98,500 in the quarter, ensuring profitability for most operators.
- Miners accelerated fundraising, raising $590 million in new equity, with significant investment in HPC projects.
- IREN raised $263 million for its expansion plans, including a new liquid-cooled data center.
- Total capital expenditure reached $900 million, showing sequential growth despite being below late-2024 peaks.
- Miners spent a record $2.1 billion on energy, maintaining gross profits of approximately $2.1 billion with margins near 53%.
The bank noted that bitcoin’s strength and operational efficiency helped maintain profitability despite increasing competition.