JPMorgan Says Bitcoin Miners Just Had One of Their Best Quarters in History
The first quarter of 2025 has proven to be one of the most successful periods in the history of Bitcoin traded in the US
According to a research report from Wall Street bank JPMorgan (JPM), BTC mining companies value it at $104,420.77 .
“Four out of five operators in our study reported record revenues and profits,” said analysts Reginald Smith and Charles Pearce.
In total, miners earned gross profits of approximately $2.0 billion, with a gross margin of 53%. These figures compare to $1.7 billion and 50% in the previous quarter, the bank said in its report.
The document states that MARA Holdings (MARA) mined the largest amount of bitcoin in the bank's coverage area for the ninth consecutive quarter.
The bank also noted that IREN (IREN) achieved the highest gross profit of the group for the first time. The miner also recorded “the lowest total cash value per coin, at just ~$36,400.”
At the same time, MARA set a record price for a coin – approximately $72,600, according to the bank.
The five mining companies the bank controls issued a combined $310 million in shares during the quarter, down $1 billion from the fourth quarter last year. CleanSpark (CLSK) did not raise any shares in the period, the bank said.
The bank estimates that companies spent a combined $1.8 billion on energy, up $50 million from the previous quarter.
The bank assigned an overweight rating to CleanSpark, IREN and Riot Platforms (RIOT), and a neutral rating to Cipher Mining (CIFR) and MARA.
Read more: Bitcoin miner price targets raised as market conditions improve: JPMorgan
Source: cryptonews.net
