The first quarter of 2025 was one of the best periods on record for U.S.-listed bitcoin BTC mining companies, Wall Street bank JPMorgan (JPM) said in a research report Friday.”Four of the five operators in our coverage reported record revenue and profits,” analysts Reginald Smith and Charles Pearce wrote.In aggregate, the miners earned gross profit of about $2.0 billion with gross margins of 53%. Those figures compare with $1.7 billion and 50% in the previous quarter, the bank said.MARA Holdings (MARA) mined the most bitcoin in the bank’s coverage universe for the ninth quarter in a row, the report said.IREN (IREN) earned the most gross profit of the group for the first time, the bank noted. The miner also recorded the “lowest all-in cash cost per coin at just ~$36,400.”Conversely, MARA posted the highest cost per coin of around $72,600, the bank said.The five mining companies that the bank tracks issued only $310 million of equity in the quarter, a drop of $1 billion from the fourth quarter last year. CleanSpark (CLSK) did not raise any equity in the period, the bank noted.The bank estimated the companies spent $1.8 billion in total on power, $50 million more than in the previous quarter.The bank has an overweight rating on CleanSpark, IREN and Riot Platforms (RIOT), and a neutral rating for Cipher Mining (CIFR) and MARA.Read more: Bitcoin Miner Price Targets Raised to Reflect Improved Industry Economics: JPMorgan CoinDesk: Bitcoin, Ethereum, Crypto News and Price Data Read More
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