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JPMorgan Reports Record Profits for Bitcoin Miners in Q1
- Bitcoin mining companies in the U.S. posted record profits in Q1 2025, marking one of the best quarters on record.
- Four out of five tracked operators reported record revenue and profits.
- U.S.-listed miners generated $2.0 billion in gross profit, with average gross margins at 53%.
- MARA Holdings led in Bitcoin production but had the highest cost per coin at $72,600.
- IREN emerged as the top performer in gross profit with the lowest all-in cash cost per Bitcoin at $36,400.
- CleanSpark opted for capital discipline by not raising equity in Q1, contrasting with its peers.
- Total equity raised by the five tracked miners in Q1 dropped significantly to $310 million.
- Miners' power expenses increased to $1.8 billion, highlighting the energy-intensive nature of mining.
- JPMorgan remains optimistic, maintaining overweight ratings for CleanSpark, IREN, and Riot Platforms.
- The bank assigns neutral ratings to Cipher Mining and MARA among the tracked firms.
- The surge in profitability and controlled spending in 2025 marks a potential turning point for mining economics.
- 2025 could be significant for companies focusing on cost discipline and scaling production in the mining industry.
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