Q1 2025 Marks a Historic High for Bitcoin Miners, JPMorgan Reports
Bitcoin miners listed on U.S. exchanges had one of their best quarters ever in Q1 2025, according to a report from JPMorgan, propelled by robust BTC prices and disciplined spending.
The report notes that gross profits surged to $2 billion, up from $1.7 billion, with margins rising to 53% across the board.
IREN led the pack in efficiency, recording the lowest all-in mining cost of roughly $36,400 per BTC, while MARA incurred the steepest cost at $72,600.
Despite strong revenues, miners dialed back dilution — issuing just $310 million in equity, far below the $1 billion+ raised in Q4 2024. CleanSpark didn’t raise any new equity during the quarter.
JPMorgan analysts expect continued strong performance and maintained bullish ratings on CleanSpark, IREN, and Riot Platforms, citing favorable economics and resilient market demand.
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