The first quarter of 2025 was one of the best periods on record for US-noted Bitcoin
Mining companies, Wall Street Bank JPMorgan (JPM) said in a research report Friday.
“Four of the five operators in our coverage reported record revenue and profits,” wrote analysts Reginald Smith and Charles Pearce.
Overall, miners earned a gross profit of approx. $ 2.0 billion with gross margins of 53%. These figures are compared to $ 1.7 billion and 50% in the previous quarter, the bank said.
Mara Holdings (Mara) extracted the most bitcoin in the bank’s cover universe in the ninth quarter in a row, the report said.
Iren (Iren) earned the group’s most gross profit for the first time, the bank noted. Mines also recorded the “lowest all-in cash costs per coin of only ~ $ 36,400.”
Conversely, Mara announced the highest costs per year. Coin at about $ 72,600, the bank said.
The five mining companies that the bank tracks issued only $ 310 million equity in the quarter, a $ 1 billion drop from the fourth quarter last year. Cleanspark (CLSK) did not travel any equity during the period, the bank noted.
The bank estimated that companies spent $ 1.8 billion in total on electricity, $ 50 million more than in the previous quarter.
The bank has an overweight assessment on the cleanspark, Iren and Riot Platforms (Riot) and a neutral rating for chiffer mining (digifr) and mara.
Read more: Bitcoin mines price targets raised to reflect improved industrial economy: JPMorgan
