The first quarter of 2025 is one of the best times recorded for the US listed in Bitcoin
Mining companies, Wall Street Bank JPMorgan (JPM) said in a research report on Friday.
“Four of the five operators in our scope have been reported record of income and income,” analysts Reginald Smith and Charles Pearce wrote.
In combination with, with miners earned a gross profit of nearly $ 2.0 billion with a gross margin of 53%. Those figures compared to $ 1.7 billion and 50% in the previous quarter, the bank said.
Mara Holdings (Mara) has been mined the most –bitcoin in the range of the bank range for the ninth quarter in succession, the report said.
Iren (Iren) got the group’s mostgross profit in the first time, the bank said. The miner also recorded the “lowest all-in cash cost per coin at ~ $ 36,400.”
By contrast, Mara has posted the highest cost of each coin around $ 72,600, the bank said.
The five mining companies monitored by the bank released just $ 310 million of the quarter equity, a drop of $ 1 billion from the fourth quarter last year. Cleanspark (CLSK) did not raise any equity during, the bank said.
The bank estimated companies to spend $ 1.8 billion in total in power, $ 50 million more than the previous quarter.
The bank has an overweight rating on cleanspark, Iren and riot platform (riot), and a neutral rating for cipher mining (CIFR) and Mara.
Read more: Bitcoin Miner’s price targets raised to reflect the economic economic in the industry: JPMorgan
