Wall Street Bank JPMorgan (JPM) said the second quarter and summer of 2025 were transformers for Bitcoin Miners, marked by cash operation in cash and a pivot towards high performance computing (HPC).
The 244 Megawatt (MW) placement agreement of Cipher Mining (CIFF) with the expansion of Fluidstack and Iren (Iren) to more than 23,000 GPU stressed that turn, the bank said in Tuesday’s report.
Despite the growing hashratos, bank analysts noticed that gross gains of the miners increased the quarter and quarter, driven by higher bitcoin prices and more efficient fleets.
Production costs increased modestly as competition intensified and high performance computer investments (HPC) expanded, analysts said. Iren and Cipher had the lowest energy costs per Bitcoin extracted at approximately $ 29,000 and $ 31,200, while Mara’s (Mara) was the highest with approximately $ 56,200. On a completely loaded base (more in SG & A cash), Iren and Cleanspark (CLSK) led with costs about $ 54,000 and $ 60,000 per currency, compared to Riot (Riot) $ 81,000. Bitcoin averaged around $ 98,500 in the quarter, leaving most profitable operators.
JPMorgan said the miners also accelerated the collection of funds, issuing around $ 590 million in a new capital, above the first quarter, and much of the same flows to HPC projects. I will be collected $ 263 million to complete its expansion of 50 exahash and start building a 75MW liquid refrigerated data center called Horizon 1. The total capex throughout the group reached around $ 900 million, below the 2024 late peaks but the increase in the sequence.
The miners collectively spent a $ 2.1 billion record in energy, analysts estimated, while gross profits were stable at approximately $ 2.1 billion, with margins close to 53%.
The bank said that Bitcoin’s force and the improvement of efficiency continued to compensate for the growth of the network, maintaining profitability even in the midst of increasing competition.
Read more: Bitcoin Miners’ Market Cap reached a record in September: JPMorgan
