Wall Road financial institution JPMorgan (JPM) stated the second quarter and summer season of 2025 had been transformative for bitcoin BTC$123,012.36 miners, marked by document money working earnings and a pivot towards high-performance computing (HPC).
Cipher Mining’s (CIFR) 244 megawatt (MW) colocation take care of Fluidstack and IREN’s (IREN) enlargement to greater than 23,000 GPUs underscored that shift, the financial institution stated within the Tuesday report.
Regardless of surging hashrates, the financial institution’s analysts famous that miners’ gross earnings rose quarter-over-quarter, buoyed by larger bitcoin costs and extra environment friendly fleets.
Manufacturing prices rose modestly as competitors intensified and high-performance computing (HPC) investments expanded, the analysts stated. IREN and Cipher had the bottom energy prices per bitcoin mined at roughly $29,000 and $31,200, whereas MARA’s (MARA) had been the best at about $56,200. On a totally loaded foundation (energy plus money SG&A), IREN and CleanSpark (CLSK) led with prices close to $54,000 and $60,000 per coin, in contrast with Riot’s (RIOT) $81,000. Bitcoin averaged round $98,500 within the quarter, leaving most operators worthwhile.
JPMorgan stated miners additionally accelerated fundraising, issuing about $590 million in new fairness, up sharply from the primary quarter, with a lot of it flowing to HPC initiatives. IREN raised $263 million to finish its 50-exahash enlargement and start constructing a 75MW liquid-cooled information middle referred to as Horizon 1. Complete capex throughout the group reached about $900 million, beneath late-2024 peaks however rising sequentially.
Miners collectively spent a document $2.1 billion on vitality, the analysts estimated, whereas gross earnings held regular at roughly $2.1 billion, with margins close to 53%.
The financial institution stated bitcoin’s power and bettering effectivity continued to offset community development, sustaining profitability even amid escalating competitors.
Learn extra: Bitcoin Miners’ Market Cap Hit a Report in September: JPMorgan
