According to a recent report, U.S. Bitcoin mining companies launched 2025 with record results. Analysts Reginald Smith and Charles Pearce said the first quarter of this year was “one of the best quarters for Bitcoin miners to date”.
“Four of the five operators we underwriting reported record revenue and profits,” the report said. The report highlighted the industry’s impressive rebound in the continued adoption of institutional adoption and profitability of high Bitcoin prices, currently hovering around $105,462.87.
In the first quarter of 2025, U.S. listed miners brought in a total of $2 billion in gross profit, with an average gross margin of 53%, jumping from $1.7 billion and 50% in the previous quarter.
Mara Holdings once again led the Bitcoin production, mining BTC for the ninth consecutive quarter. But despite Mara’s output advantage, Mara costs the highest per coin, estimated at $72,600.
When it comes to profitability, Iren (Iren) is an outstanding performer. Iren earned the first profit tracking the most gross profit in the company. The company also reported the lowest all-cash cost per bitcoin, at about $36,400, which helped significantly improve profit margins.
Another major player, CleanSpark (Clsk), did not increase any equity this quarter, which is one of the more disciplined actions among the peers. In fact, JPMorgan reported that the five miners tracked by IT issued only $310 million in equity, marking a $1.3 billion decline in Q4 2024.
In terms of operating expenses, miners estimated spending $1.8 billion on electricity, an increase of $50 million from the previous quarter, indicating the energy-intensive nature of mining.
JPMorgan’s view of the industry remains bullish on select players. The bank maintains an overweight rating for CleanSpark, Iren and Riot Platforms (Riot) while assigning neutral ratings to crypto mining (CIFR) and Mara.
With profitability and strategic spending still under inspection, 2025 is likely to be remembered as a turning point in mining economics, especially for companies that navigate cost discipline and expand production.
