The first quarter of 2025 was one of the best periods never recorded for Bitcoin listed in the United States
The mining companies, the Wall Street bank, JPMorgan (JPM), said in a research report on Friday.
“Four of the five operators of our coverage declared record income and profits,” wrote analysts Reginald Smith and Charles Pearce.
Overall, minors have made a gross profit of around 2.0 billion dollars with gross margins of 53%. These figures compare to $ 1.7 billion and 50% in the previous quarter, the bank said.
Mara Holdings (Mara) has extracted the most bitcoin from the bank’s coverage universe for the consecutive ninth quarter, according to the report.
Iren (Iren) made the group’s most raw profit for the first time, noted the bank. The minor also recorded the “lowest cash cost per piece to only ~ $ 400”.
Conversely, Mara displayed the highest cost per part of about $ 72,600, the bank said.
The five mining companies that the bank follows only $ 310 million in equity in the quarter, a drop of $ 1 billion compared to the fourth quarter of last year. Cleanspark (CLSK) has not increased any equity during the period, noted the bank.
The bank estimated that companies spent $ 1.8 billion in total in power, $ 50 million more than in the previous quarter.
The bank has an overweight note on the Cleanspark, Iren and Riot (Riot) platforms and a neutral note for Cipher Mining (CIFR) and Mara.
Find out more: Bitcoin Miner Prix Targets that remained to reflect the improvement of the industry economy: JPMorgan
