Bitcoin Miners Just Had One of Their Best Quarters on Record, JPMorgan Says
JPMorgan’s recent research report highlights the exceptional performance of U.S.-listed Bitcoin mining companies during the first quarter of 2025. The report reveals a period of record-breaking revenue and profits for the sector, surpassing even the strong results of the previous quarter.
Four out of the five mining companies covered by JPMorgan—Marathon Digital Holdings (MARA), Iris Energy (IREN), CleanSpark (CLSK), Riot Platforms (RIOT), and Cipher Mining (CIFR)—achieved record-high revenue and profitability. Collectively, these companies generated a remarkable $2.0 billion in gross profit, boasting impressive gross margins of 53%. This represents a significant increase compared to the $1.7 billion and 50% margin achieved in the preceding quarter.
Marathon Digital Holdings maintained its position as the leading Bitcoin miner in JPMorgan’s coverage, marking its ninth consecutive quarter in this top spot. However, Iris Energy emerged as the most profitable miner in the group for the first time, also achieving the lowest all-in cash cost per Bitcoin, at approximately $36,400. In contrast, Marathon Digital Holdings reported the highest cost per Bitcoin, at around $72,600, highlighting the variations in operational efficiency among these companies.
The report also underscores a significant decrease in equity issuance by these mining companies. Total equity raised in the first quarter amounted to $310 million, a substantial drop of $1 billion compared to the fourth quarter of the previous year. Notably, CleanSpark did not raise any equity during this period. Power expenditure remained a significant operational cost, with the five companies collectively spending $1.8 billion—a $50 million increase from the previous quarter.
Based on their findings, JPMorgan maintains an overweight rating for CleanSpark, Iris Energy, and Riot Platforms, while assigning a neutral rating to Cipher Mining and Marathon Digital Holdings. The report suggests that the improved industry economics are a key driver behind these positive results. The substantial profits and reduced equity financing demonstrate a robust and maturing Bitcoin mining sector.
