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Wall Street slope JPMorgan (JPM) said the 2nd 4th and summertime of 2025 were transformative for bitcoin (BTC) miners, marked by grounds currency operating profits and a pivot toward high-performance computing (HPC).
Cipher Mining’s (CIFR) 244 megawatt (MW) colocation deal with Fluidstack and IREN’s (IREN) enlargement to much than 23,000 GPUs underscored that shift, the slope said successful the Tuesday report.
Despite surging hashrates, the bank's analysts noted that miners’ gross profits roseate quarter-over-quarter, buoyed by higher bitcoin prices and much businesslike fleets.
Production costs roseate modestly arsenic contention intensified and high-performance computing (HPC) investments expanded, the analysts said. IREN and Cipher had the lowest powerfulness costs per bitcoin mined astatine astir $29,000 and $31,200, portion MARA’s (MARA) were the highest astatine astir $56,200. On a afloat loaded ground (power positive currency SG&A), IREN and CleanSpark (CLSK) led with costs adjacent $54,000 and $60,000 per coin, compared with Riot’s (RIOT) $81,000. Bitcoin averaged astir $98,500 successful the quarter, leaving astir operators profitable.
JPMorgan said miners besides accelerated fundraising, issuing astir $590 cardinal successful caller equity, up sharply from the archetypal quarter, with overmuch of it flowing to HPC projects. IREN raised $263 cardinal to implicit its 50-exahash enlargement and statesman gathering a 75MW liquid-cooled information halfway called Horizon 1. Total capex crossed the radical reached astir $900 million, beneath late-2024 peaks but rising sequentially.
Miners collectively spent a grounds $2.1 cardinal connected energy, the analysts estimated, portion gross profits held dependable astatine astir $2.1 billion, with margins adjacent 53%.
The slope said bitcoin’s spot and improving ratio continued to offset web growth, sustaining profitability adjacent amid escalating competition.
Read more: Bitcoin Miners' Market Cap Hit a Record successful September: JPMorgan
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