Bitcoin Mining Boom: JPMorgan Highlights Record Q1 Profits Across Major U.S. Firms
U.S.-listed bitcoin (BTC) mining companies saw a blockbuster first quarter in 2025, according to JPMorgan, with record profits driven by rising BTC prices and improved operating efficiencies.
“Four of the five miners we cover reported all-time-high revenues and earnings,” analysts Reginald Smith and Charles Pearce wrote in a Friday note.
Collectively, these companies generated $2 billion in gross profit, up from $1.7 billion in Q4 2024, with gross margins improving to 53%.
IREN (IREN) emerged as the most efficient operator, producing bitcoin at a low cost of $36,400 per coin, while MARA Holdings (MARA) had the highest production cost at $72,600.
Despite the bullish numbers, miners scaled back capital raising, issuing just $310 million in equity, a major drop from the $1.3 billion raised in the prior quarter.
JPMorgan maintained overweight ratings on CleanSpark, IREN, and Riot Platforms, while keeping neutral on Cipher Mining and MARA.
