Bitcoin Mining Companies Report Record Profits in Q1 2025
The first quarter of 2025 showed strong performance for U.S.-listed bitcoin mining companies, according to JPMorgan's research report.
- Four out of five operators reported record revenue and profits.
- Aggregate gross profit reached $2.0 billion with gross margins of 53%, up from $1.7 billion and 50% in the previous quarter.
- MARA Holdings led in bitcoin production for the ninth consecutive quarter.
- IREN achieved the highest gross profit and recorded the lowest all-in cash cost per coin at approximately $36,400.
- MARA had the highest cost per coin at around $72,600.
- The five tracked companies issued only $310 million in equity, down $1 billion from Q4 2024.
- Total power expenditure was estimated at $1.8 billion, increasing by $50 million from the previous quarter.
- JPMorgan has an overweight rating on CleanSpark, IREN, and Riot Platforms, and a neutral rating on Cipher Mining and MARA.