Bitcoin Miners Post Record Quarter as Profit Margins Surge: JPMorgan

The first quarter of 2025 delivered record-breaking results for several U.S.-listed bitcoin (BTC) mining companies, according to a new research note from JPMorgan.

“Four out of the five miners we cover posted all-time highs in both revenue and profitability,” wrote analysts Reginald Smith and Charles Pearce.

Combined, the group generated approximately $2 billion in gross profit with an average gross margin of 53%, up from $1.7 billion and 50% in Q4 2024, the bank said.

MARA Holdings (MARA) led the pack in bitcoin production for the ninth consecutive quarter, while IREN (IREN) topped the group in profitability for the first time, reporting the lowest all-in cash cost per BTC at around $36,400.

By contrast, MARA recorded the highest cost per coin at roughly $72,600, highlighting significant differences in operational efficiency across the sector.

Equity issuance also dropped sharply. The five mining companies raised just $310 million in new equity during the quarter — a notable decline from $1.3 billion in Q4. CleanSpark (CLSK) did not raise any new capital, the bank added.

Total power spending across the group reached $1.8 billion, a $50 million increase quarter-over-quarter.

JPMorgan maintained an overweight rating on CleanSpark, IREN, and Riot Platforms (RIOT), while keeping a neutral stance on Cipher Mining (CIFR) and MARA.