The first quarter of 2025 was one of the best registered periods for Bitcoin that is quoted in the US.
The mining companies, Wall Street Bank JPMorgan (JPM), said in a research report on Friday.
“Four of the five operators in our coverage reported record income and profits,” wrote the reginald Smith and Charles Pearce analysts.
Together, the miners obtained gross profits of approximately $ 2.0 billion with gross margins of 53%. These figures are compared to $ 1.7 billion and 50% in the previous quarter, the bank said.
Mara Holdings (Mara) undermined the greatest amount of Bitcoin in the bank’s coverage universe for the ninth consecutive trimester, according to the report.
Iren (Iren) obtained the most gross gain of the group for the first time, the bank said. The miner also recorded the “lowest cash cost per currency with only ~ $ 36,400”.
On the contrary, Mara registered the highest cost per currency of around $ 72,600, said the bank.
The five mining companies that the Bank Tracea issued only $ 310 million of capital in the quarter, a drop of $ 1 billion of the fourth quarter of last year. CleanSTark (CLSK) did not increase any capital in the period, the bank said.
The Bank estimated that companies spent $ 1.8 billion in total energy, $ 50 million more than in the previous quarter.
The bank has an overweight qualification on the Cleanspark, Iren and Riot (Riot) platforms, and a neutral rating for Cipher Mining (CIFF) and Mara.
Read more: Bitcoin Mine
