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The archetypal 4th of 2025 was 1 of the champion periods connected grounds for U.S.-listed bitcoin BTC mining companies, Wall Street slope JPMorgan (JPM) said successful a probe study Friday.
"Four of the 5 operators successful our sum reported grounds gross and profits," analysts Reginald Smith and Charles Pearce wrote.
In aggregate, the miners earned gross nett of astir $2.0 cardinal with gross margins of 53%. Those figures comparison with $1.7 cardinal and 50% successful the erstwhile quarter, the slope said.
MARA Holdings (MARA) mined the astir bitcoin successful the bank's sum beingness for the ninth 4th successful a row, the study said.
IREN (IREN) earned the astir gross nett of the radical for the archetypal time, the slope noted. The miner besides recorded the "lowest all-in currency outgo per coin astatine conscionable ~$36,400."
Conversely, MARA posted the highest outgo per coin of astir $72,600, the slope said.
The 5 mining companies that the slope tracks issued lone $310 cardinal of equity successful the quarter, a driblet of $1 cardinal from the 4th fourth past year. CleanSpark (CLSK) did not rise immoderate equity successful the period, the slope noted.
The slope estimated the companies spent $1.8 cardinal successful full connected power, $50 cardinal much than successful the erstwhile quarter.
The slope has an overweight standing connected CleanSpark, IREN and Riot Platforms (RIOT), and a neutral standing for Cipher Mining (CIFR) and MARA.
Read more: Bitcoin Miner Price Targets Raised to Reflect Improved Industry Economics: JPMorgan
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