U.S.-based Bitcoin mining companies had a blockbuster start to 2025, according to a new analysis from JPMorgan. The first quarter proved exceptionally profitable, with most major players breaking previous revenue and profit records.
Out of the five major mining companies JPMorgan tracks, four reported record-high revenues and profits. In total, the miners earned around $2.0 billion in gross profit with a spectacular 53% profit margin. The profit is more than the 50% margin, and $1.7 billion profit last quarter.
Marathon Digital Holdings (MARA) maintained its lead in Bitcoin production, topping the list for the ninth consecutive quarter. But when it came to profitability, Iris Energy (IREN) took the crown. IREN not only posted the highest gross profit but also lowest mining cost at around $36,400 per Bitcoin. In contrast, MARA’s cost per coin was nearly double, sitting at about $72,600.
Equity raising also dropped precipitously. Miners brought in a mere $310 million from share issues in Q1, down from more than $1.3 billion in the last quarter. Interestingly, CleanSpark (CLSK) raised no equity during this quarter.
JPMorgan also pointed out that such miners spent $1.8 billion on electricity, $50 million higher than their spending in Q4 2024. As for stock ratings, the bank is optimistic on CleanSpark, IREN, and Riot Platforms, which they rated “overweight.” It implies that they expect them to perform above average. They assigned a neutral rating to Cipher Mining and MARA, suggesting expected average performance.
Also Read: Bitcoin Miner MARA Stock Jumps 9% After Cost Cutting
