Wall Street Bank JPMorgan (JPM) said the second quarter and summer of 2025 were transformative for Bitcoin Miners, characterized by record cash operation and a turn toward high prestans computing (HPC).
Cipher Mining’s (CIFR) 244 Megawatt (MW) Colocation is trading with Fluidtack and Iren’s (Iren) expansion to more than 23,000 GPUs emphasized this shift, the bank said in the Tuesday report.
Despite undulating hashrates, the bank’s analysts noted that miners’ gross profits rose quarter over the quarter, bent by higher Bitcoin prices and more efficient fleets.
Production costs increased modestly as competition intensified and high performance computing (HPC) investments expanded, analysts say. Iren and Cipher had the lowest power costs per day. Bitcoin, which was extracted to approx. $ 29,000 and $ 31,200, while Maras (Mara) were the highest at about $ 56,200. On a fully loaded basis (Power Plus Cash SG&A), Iren and Cleanspark (CLSK) led with costs near $ 54,000 and $ 60,000 per day. Coin compared to Riot’s (Riot) $ 81,000. Bitcoin was on average about $ 98,500 in the quarter, leaving most operators profitable.
JPMorgan said miners also accelerated fundraising and issued about $ 590 million in new equity, strongly from the first quarter, with much of what flows to HPC projects. IREN raised $ 263 million to finish its 50-exahash extension and start building a 75 MW liquid-cooled data center called Horizon 1. Total Capex over the group reached about $ 900 million, under the end of 2024 tops, but rising sequentially.
Criminal workers spent a record of $ 2.1 billion on energy, but analysts estimated, while gross profits kept stable at approx. 2.1 billion dollars, with margins near 53%.
The bank said Bitcoin’s strength and improvement of efficiency continued to offset network growth and maintain profitability even in the midst of escalating competition.
Read more: Bitcoin Miners’ Market Cap Hit A record in September: JPMorgan
