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JPMorgan: Bitcoin mining companies are bouncing back in Q1
The first quarter of 2025 is one of the best periods for Bitcoin mining companies listed in America, according to a report by JPMorgan. Four out of five operators reported record revenues and profits. Total gross profit reached approximately 2.0 billion USD with a profit margin of 53%, compared to 1.7 billion USD and 50% in the previous quarter.
MARA Holdings (MARA) continues to lead in the amount of Bitcoin mined for nine consecutive quarters. IREN (IREN) recorded the highest gross profit in the group for the first time and the lowest cash cost per coin of about 36,400 USD. Meanwhile, MARA has the highest cost of about 72,600 USD.
The mining company issued only 310 million USD in shares, down 1 billion USD compared to the previous quarter. The total estimated electricity cost is 1.8 billion USD, an increase of 50 million USD compared to the previous quarter.