{"id":51537,"date":"2025-10-07T15:01:50","date_gmt":"2025-10-07T15:01:50","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=51537"},"modified":"2025-10-07T15:01:50","modified_gmt":"2025-10-07T15:01:50","slug":"bitcoin-miners-posted-record-profits-in-2q-as-hpc-push-accelerated-jpmorgan-says","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=51537","title":{"rendered":"Bitcoin Miners Posted Record Profits in 2Q as HPC Push Accelerated, JPMorgan Says"},"content":{"rendered":"<div>\n<p>Wall Street bank JPMorgan (JPM) said the second quarter and summer of 2025 were transformative for bitcoin (BTC) miners, marked by record cash operating profits and a pivot toward high-performance computing (HPC). <\/p>\n<p>Cipher Mining\u2019s (CIFR) 244 megawatt (MW) <a href=\"https:\/\/www.coindesk.com\/markets\/2025\/09\/25\/cipher-mining-stock-gains-5-on-google-ai-hosting-deal\">colocation deal<\/a> with Fluidstack and IREN\u2019s (IREN) expansion to more than 23,000 GPUs underscored that shift, the bank said in the Tuesday report. <\/p>\n<p>Despite surging hashrates, the bank&#8217;s analysts noted that miners\u2019 gross profits rose quarter-over-quarter, buoyed by higher bitcoin prices and more efficient fleets.<\/p>\n<p>Production costs rose modestly as competition intensified and high-performance computing (HPC) investments expanded, the analysts said. IREN and Cipher had the lowest power costs per bitcoin mined at roughly $29,000 and $31,200, while MARA\u2019s (MARA) were the highest at about $56,200. On a fully loaded basis (power plus cash SG&amp;A), IREN and CleanSpark (CLSK) led with costs near $54,000 and $60,000 per coin, compared with Riot\u2019s (RIOT) $81,000. Bitcoin averaged around $98,500 in the quarter, leaving most operators profitable.<\/p>\n<p>JPMorgan said miners also accelerated fundraising, issuing about $590 million in new equity, up sharply from the first quarter, with much of it flowing to HPC projects. IREN raised $263 million to complete its 50-exahash expansion and begin building a 75MW liquid-cooled data center called Horizon 1. Total capex across the group reached about $900 million, below late-2024 peaks but rising sequentially.<\/p>\n<p>Miners collectively spent a record $2.1 billion on energy, the analysts estimated, while gross profits held steady at roughly $2.1 billion, with margins near 53%. <\/p>\n<p>The bank said bitcoin\u2019s strength and improving efficiency continued to offset network growth, sustaining profitability even amid escalating competition.<\/p>\n<p><strong><em><span style=\"text-decoration:underline\">Read more: <a href=\"https:\/\/www.coindesk.com\/markets\/2025\/10\/01\/bitcoin-miners-market-cap-hit-a-record-in-september-jpmorgan\">Bitcoin Miners&#8217; Market Cap Hit a Record in September: JPMorgan<\/a><\/span><\/em><\/strong><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Wall Street bank JPMorgan (JPM) said the second quarter and summer of 2025 were transformative for bitcoin (BTC) miners, marked by record cash operating profits and a pivot toward high-performance computing (HPC). Cipher Mining\u2019s (CIFR) 244 megawatt (MW) colocation deal with Fluidstack and IREN\u2019s (IREN) expansion to more than 23,000 GPUs underscored that shift, the [&hellip;]<\/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-51537","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\/51537","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=51537"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/51537\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=51537"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=51537"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=51537"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}