Bitcoin Mining Firms Notch Record-Breaking Quarter, According to JPMorgan

JPMorgan: U.S. Bitcoin Miners Book Historic Profits in Q1 Amid Efficiency Gains

Top publicly traded bitcoin (BTC) miners in the U.S. just recorded one of their strongest quarters ever, buoyed by elevated BTC prices and operational efficiencies, JPMorgan (JPM) said in a Friday research report.

“Four of the five mining firms under our coverage delivered record-setting revenues and earnings in Q1,” wrote analysts Reginald Smith and Charles Pearce.

Gross profit across the group hit $2 billion, with average gross margins of 53%, up from $1.7 billion and 50% the prior quarter.

MARA Holdings (MARA) remained the most productive miner for the ninth straight quarter, though IREN (IREN) outshone peers on profitability, reporting the lowest cost to mine a bitcoin at just $36,400.

MARA, by contrast, logged the highest cost per BTC at around $72,600, JPMorgan noted, underscoring diverging cost structures in the industry.

Equity financing activity cooled significantly. Miners raised only $310 million, compared with $1.3 billion the quarter before. Notably, CleanSpark (CLSK) avoided issuing any new shares.

Electricity costs rose slightly to $1.8 billion, up from $1.75 billion, reflecting both expanded operations and volatile energy prices.

JPMorgan reiterated its overweight ratings on CleanSpark, IREN, and Riot Platforms (RIOT), and a neutral rating on Cipher Mining (CIFR) and MARA.