Wall Road financial institution JPMorgan (JPM) stated the second quarter and summer time of 2025 had been transformative for bitcoin BTC$123,012.36 miners, marked by document money working income and a pivot towards high-performance computing (HPC).
Cipher Mining’s (CIFR) 244 megawatt (MW) colocation cope with Fluidstack and IREN’s (IREN) enlargement to greater than 23,000 GPUs underscored that shift, the financial institution stated within the Tuesday report.
Regardless of surging hashrates, the financial institution’s analysts famous that miners’ gross income rose quarter-over-quarter, buoyed by increased bitcoin costs and extra environment friendly fleets.
Manufacturing prices rose modestly as competitors intensified and high-performance computing (HPC) investments expanded, the analysts stated. IREN and Cipher had the bottom energy prices per bitcoin mined at roughly $29,000 and $31,200, whereas MARA’s (MARA) had been the very best at about $56,200. On a totally loaded foundation (energy plus money SG&A), IREN and CleanSpark (CLSK) led with prices close to $54,000 and $60,000 per coin, in contrast with Riot’s (RIOT) $81,000. Bitcoin averaged round $98,500 within the quarter, leaving most operators worthwhile.
JPMorgan stated miners additionally accelerated fundraising, issuing about $590 million in new fairness, up sharply from the primary quarter, with a lot of it flowing to HPC initiatives. IREN raised $263 million to finish its 50-exahash enlargement and start constructing a 75MW liquid-cooled knowledge middle known as Horizon 1. Whole capex throughout the group reached about $900 million, under late-2024 peaks however rising sequentially.
Miners collectively spent a document $2.1 billion on power, the analysts estimated, whereas gross income held regular at roughly $2.1 billion, with margins close to 53%.
The financial institution stated bitcoin’s power and bettering effectivity continued to offset community progress, sustaining profitability even amid escalating competitors.
Learn extra: Bitcoin Miners’ Market Cap Hit a Report in September: JPMorgan
