Record Profits for Bitcoin Miners in Q2 Fueled by High-Performance Computing, Says JPMorgan

Bitcoin miners experienced a breakout quarter in Q2 2025, fueled by rising bitcoin prices, operational efficiency gains, and significant investments in high-performance computing (HPC), according to JPMorgan (JPM).

The bank described the period as transformative for the sector, noting miners’ pivot toward HPC as a key driver of growth. Highlighted developments included Cipher Mining’s (CIFR) 244 MW colocation agreement with Fluidstack and IREN’s (IREN) expansion to over 23,000 GPUs, demonstrating the industry’s shift toward high-capacity computing infrastructure.

Despite higher network hashrates, gross profits rose quarter-over-quarter, supported by more efficient operations and strong bitcoin prices. Production costs increased only modestly amid competition and HPC expansion.

According to JPMorgan, IREN and Cipher Mining posted the lowest power costs per bitcoin mined at $29,000 and $31,200, respectively, while MARA (MARA) had the highest at $56,200. On a fully loaded basis—including power and cash SG&A—IREN and CleanSpark (CLSK) led with costs around $54,000–$60,000 per BTC, versus Riot (RIOT) at $81,000. With bitcoin averaging $98,500 in Q2, most operators remained profitable.

Fundraising activity also surged, with miners issuing roughly $590 million in new equity, much of it directed toward HPC initiatives. IREN raised $263 million to complete its 50-exahash expansion and start building the 75 MW liquid-cooled Horizon 1 data center. Total capital expenditures across the sector reached $900 million, up sequentially but below late-2024 highs.

Energy costs reached a record $2.1 billion, while gross profits held steady at $2.1 billion, resulting in margins near 53%.

JPMorgan concluded that bitcoin’s strength, operational efficiencies, and HPC adoption allowed miners to maintain strong profitability even amid rising network competition.