Wall Street JPMorgan (JPM) bank said that the second quarter and summer 2025 were transformers for Bitcoin Miners, marked by operating benefits in recorded cash and a pivot to high performance IT (HPC).
The Cupper Mining (CIFR) 244 Mégawatt (MW) colocation agreement with the expansion of Fluidstack and Iren (Iren) to more than 23,000 GPU stressed this quarter, the bank said in the report on Tuesday.
Despite the rise in Hashrate, the bank’s analysts noted that the raw profits of minors increased a quarter of a neighborhood, supported by higher bitcoin prices and more efficient fleets.
Production costs have increased modestly as competition has intensified and that high performance computer investments (HPC) have developed, analysts said. Iren and Cipher had the lowest electricity costs per Bitcoin extracted at around $ 29,000 and $ 31,200, while Mara (Mara) was the highest at around $ 56,200. On a fully busy basis (Power Plus Cash SG & A), Iren and Cleanspark (CLSK) led with costs nearly $ 54,000 and $ 60,000 per room, against Riot (Riot) $ 81,000. Bitcoin was on average $ 98,500 during the quarter, making most of the operators profitable.
JPMorgan said that minors have also accelerated fundraising, issuing about $ 590 million in new equity, up in the first quarter, with a large part of HPC projects. Iren raised $ 263 million to complete its expansion of 50 Exhash and start building a 75 MW -cooled data center called Horizon 1. Total Capex through group has reached around $ 900 million, below the end of the end of 2024 but sequentially rising.
The minors collectively spent a record of $ 2.1 billion in energy, estimated the analysts, while the raw profits remained stable at around 2.1 billion dollars, with margins close to 53%.
The bank said that the force of bitcoin and improving efficiency have continued to compensate for network growth, now profitability, even in an increase in competition.
Read more: The market capitalization of bitcoin minors reached a record in September: JPMorgan
