Bitcoin miners delivered record cash operating profits in Q2 2025, driven by rising bitcoin prices, higher operational efficiency, and increased investment in high-performance computing (HPC), according to JPMorgan (JPM).
The bank noted that the summer months marked a transformative period for the industry, with miners increasingly pivoting to HPC. Key examples included Cipher Mining’s (CIFR) 244 MW colocation deal with Fluidstack and IREN’s (IREN) expansion to over 23,000 GPUs, reflecting the shift toward advanced computing infrastructure.
Even as network hashrates climbed, miners’ gross profits rose quarter-over-quarter, supported by bitcoin’s strong price and more efficient operations. Production costs increased moderately due to competition and expanded HPC investments.
Cost analysis showed IREN and Cipher Mining had the lowest power costs per bitcoin mined at roughly $29,000 and $31,200, while MARA (MARA) faced the highest at $56,200. On a fully loaded basis, including power and SG&A, IREN and CleanSpark (CLSK) led at $54,000 and $60,000 per BTC, compared with Riot (RIOT) at $81,000. With bitcoin averaging $98,500 in Q2, most operators remained profitable.
Miners also accelerated fundraising, issuing about $590 million in new equity, primarily funding HPC projects. IREN raised $263 million to complete its 50-exahash expansion and begin construction on the 75 MW liquid-cooled Horizon 1 data center. Total capital expenditures for the sector reached approximately $900 million, up sequentially but below late-2024 peaks.
Energy spending hit a record $2.1 billion, while gross profits remained around $2.1 billion, maintaining margins near 53%.
JPMorgan concluded that strong bitcoin prices and improved mining efficiency allowed operators to sustain profitability even amid rising competition and expanding network capacity.
