JPMorgan's analysis reveals that U.S. Bitcoin mining companies achieved outstanding financial results in Q1 2025.
Performance of Leading Companies
Among the five major companies tracked by JPMorgan, four reported record revenues and profits. In total, the miners earned about $2 billion in gross profit with an impressive 53% profit margin, exceeding the 50% margin and $1.7 billion profit from the previous quarter.
Leaders in Production and Profitability
Marathon Digital Holdings (MARA) maintained its lead in Bitcoin production, topping the list for the ninth consecutive quarter. However, in terms of profitability, Iris Energy (IREN) took the crown, posting the highest gross profit and the lowest mining cost at around $36,400 per Bitcoin, while MARA's cost was nearly $72,600.
Expenditure and Market Outlook
The miners spent a total of $1.8 billion on electricity, $50 million higher than their spending in Q4 2024. Equity raising also dropped significantly, with miners bringing in only $310 million from share issues in Q1, down from more than $1.3 billion last quarter. JPMorgan also indicated optimism about CleanSpark, IREN, and Riot Platforms, rating them as "overweight."
Overall, the results indicate a strong growth trajectory and increased profitability among U.S. Bitcoin miners, with notable differences in production costs among the sector's leaders.
