JPMorgan Reports Record Profits For Bitcoin Miners In Q1

Bitcoin mining companies in the United States in 2025 started record performance, according to Modern report. The first quarter of the year was “one of the best quarters of the Bitcoin mines so far,” said, analysts, Regend Smith and Charles Pierce.

The report stated: “Four of the five operators in our coverage reported the revenues of records and profits,” which confirms the impressive recovery of the profitability sector amid the adoption of the continuous institutional institutions and the high prices of bitcoin, and it is currently hovering about 105462.87 dollars.

In total, miners included in the United States achieved $ 2.0 billion in total profits during the first quarter of 2025, with average total margin of 53 %-jumping of $ 1.7 billion and 50 % in the previous quarter.

Mara Holdings (MARA) again led the package in Bitcoin production, as it moved more than BTC for the ninth quarter in a row. However, although it dominates production, Mara has also published the highest cost per currency, which is estimated at $ 72,600, indicated by Jpmorgan.

On the profitable front, IRN (IRN) was the distinguished performer. For the first time, IRN got the most overall profit among the companies that were tracked. The company also informed the lowest comprehensive cash cost per bitcoin, or about 36,400 dollars, which helped sign the margins significantly.

Cleanspark (CLSK), another main player, did not raise any of the most disciplined capitalist movements that were seen between its peers. In fact, Jpmorgan reported that the five miners who followed issued only $ 310 million of property rights for the first quarter, which represents a sharp decline of $ 1.3 billion in the fourth quarter of 2024.

On the side of operational expenses, miners spent an estimated $ 1.8 billion on power, an increase of $ 50 million over the previous quarter-which dominates the nature of intense energy mining.

JPMorgan’s look at the industry is still difficult for the chosen players. The bank maintains the weight gain classifications for Cleanspark, IRN and RIOT (RIOT) platforms, with the setting of neutral categories to coffru and mara.

With the increase in profitability and strategic spending remaining, 2025 may be well remembered as a turning point in mining economics – especially for companies that transport discipline and expand production.