Bitcoin (BTC) miners post record earnings in 2Q while accelerating HPC pushing, JPMorgan says
Wall Street Bank JPMorgan (JPM) said the second quarter and tag -heat of 2025 changes for Bitcoin Miners, marked with record cash operating profit and a pivot towards high-performance computing (HPC).
Chipher Mining’s (CIFR) Colocation Deal In expanding fluidstack and Iren (Iren) to more than 23,000 GPUs emphasizing that transfer, the bank said in a Tuesday report.
Despite the collapse of the hashrates, bank analysts noted that the gross profit of miners rose to the quarter-over-quarter, which was strengthened by the higher bitcoin prices and better fleets.
Production costs increased moderately as competition intensifies and expands investments in high-performance computing (HPC), analysts said. Iren and Cipher have the lowest power costs per Bitcoin mined at about $ 29,000 and $ 31,200, while Mara’s (Mara) is the highest at about $ 56,200. On a fully -loaded basis (Power Plus Cash SG & A), led by Iren and Cleanspark (CLSK) with costs of close to $ 54,000 and $ 60,000 per coin, compared to Riot’s (Riot) $ 81,000. Bitcoin has averaged around $ 98,500 in the quarter, leaving most operators.
JPMorgan said miners also accelerated fundraising, releasing about $ 590 million in new equity, sharply from the first quarter, with most of them flowing through HPC projects. Iren raised $ 263 million to complete 50-exahash expansion and start developing a 75mw liquid chilled data center called Horizon 1. Total Capex across the group reached nearly $ 900 million, below late-2024 peaks but rising in succession.
Miners collectively spend a record of $ 2.1 billion for energy, estimated by analysts, while the gross profit takes about $ 2.1 billion, with margins close to 53%.
The bank said the strength and improvement of bitcoin’s efficiency continued to undergo network growth, maintaining profitability even in the midst of rising competition.
Read more: Bitcoin Miners’ Market Cap hits a record in September: JPMorgan
