{"id":31761,"date":"2025-06-13T15:17:08","date_gmt":"2025-06-13T15:17:08","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=31761"},"modified":"2025-06-13T15:17:08","modified_gmt":"2025-06-13T15:17:08","slug":"bitcoin-miners-just-had-one-of-their-best-quarters-on-record-jpmorgan-says","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=31761","title":{"rendered":"Bitcoin Miners Just Had One of Their Best Quarters on Record, JPMorgan Says"},"content":{"rendered":"
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The first quarter of 2025 was one of the best periods on record for U.S.-listed bitcoin BTC mining companies, Wall Street bank JPMorgan (JPM) said in a research report Friday.<\/p>\n

“Four of the five operators in our coverage reported record revenue and profits,” analysts Reginald Smith and Charles Pearce wrote.<\/p>\n

In aggregate, the miners earned gross profit of about $2.0 billion with gross margins of 53%. Those figures compare with $1.7 billion and 50% in the previous quarter, the bank said.<\/p>\n

MARA Holdings (MARA) mined the most bitcoin in the bank’s coverage universe for the ninth quarter in a row, the report said.<\/p>\n

IREN (IREN) earned the most gross profit of the group for the first time, the bank noted. The miner also recorded the “lowest all-in cash cost per coin at just ~$36,400.”<\/p>\n

Conversely, MARA posted the highest cost per coin of around $72,600, the bank said.<\/p>\n

The five mining companies that the bank tracks issued only $310 million of equity in the quarter, a drop of $1 billion from the fourth quarter last year. CleanSpark (CLSK) did not raise any equity in the period, the bank noted.<\/p>\n

The bank estimated the companies spent $1.8 billion in total on power, $50 million more than in the previous quarter.<\/p>\n

The bank has an overweight rating on CleanSpark, IREN and Riot Platforms (RIOT), and a neutral rating for Cipher Mining (CIFR) and MARA.<\/p>\n

Read more: Bitcoin Miner Price Targets Raised to Reflect Improved Industry Economics: JPMorgan<\/span><\/a><\/em><\/strong><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

The first quarter of 2025 was one of the best periods on record for U.S.-listed bitcoin BTC 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,” analysts Reginald Smith and Charles Pearce wrote. In aggregate, the miners earned […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-31761","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/31761","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=31761"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/31761\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=31761"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=31761"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=31761"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}