Bitcoin miners saw a transformative second quarter in 2025, driven by higher bitcoin prices, improved operational efficiency, and accelerated investment in high-performance computing (HPC), according to JPMorgan (JPM).
The bank highlighted that the summer months marked a record period for cash operating profits and a clear pivot toward HPC. Notable milestones included Cipher Mining’s (CIFR) 244 MW colocation deal with Fluidstack and IREN’s (IREN) expansion to over 23,000 GPUs, underscoring the sector’s shift toward advanced computing infrastructure.
Despite increasing network hashrates, miners’ gross profits rose quarter-over-quarter, bolstered by bitcoin’s strength and more efficient mining fleets. Production costs increased only slightly as competition intensified and HPC investments expanded.
Cost breakdowns showed IREN and Cipher Mining with the lowest power costs per bitcoin at approximately $29,000 and $31,200, while MARA (MARA) had the highest at around $56,200. Fully loaded costs (including power and cash SG&A) placed IREN and CleanSpark (CLSK) at $54,000 and $60,000 per BTC, versus Riot (RIOT) at $81,000. With bitcoin averaging $98,500 in Q2, most miners remained comfortably profitable.
Fundraising also accelerated, with miners issuing roughly $590 million in new equity, a significant increase from Q1, much of which funded HPC projects. IREN raised $263 million to complete its 50-exahash expansion and begin construction on a 75 MW liquid-cooled data center, Horizon 1. Total capital expenditures for the sector reached $900 million, up sequentially but below late-2024 peaks.
Energy spending reached a record $2.1 billion, matched by gross profits of approximately $2.1 billion, keeping margins near 53%.
JPMorgan concluded that strong bitcoin prices combined with improved operational efficiency helped miners maintain profitability despite rising competition and expanding network capacity.
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