U.S. Bitcoin Miners Post High Profits in Q1 2025, JPMorgan Says

• U.S. miners earned $2B in Q1 2025 with gross margins rising from 50% to 53%, says JPMorgan.
• IREN reported the highest gross profit with the lowest cost per bitcoin at $36,400.
• MARA led bitcoin production for the ninth straight quarter despite highest cost per coin.

The first quarter of 2025 stands out as one of the most successful periods for U.S.-listed bitcoin miners, according to a research report from JPMorgan. Analysts Reginald Smith and Charles Pearce confirmed that four out of five major mining companies achieved record revenue and profits, reflecting a strong recovery and high bitcoin prices. The sector’s momentum has continued from late 2024 showing significant growth in both margins and gross profits.

JPMorgan estimates that these bitcoin mining companies earned about $2.0 billion in gross profit for the quarter, an increase from $1.7 billion in Q4 2024. Gross margins increased to 53% compared with the earlier 50%, showing better operational performance and returns on mining activity. The price of Bitcoin, which is approximately $105,700, contributed to these robust results