Bitcoin mining companies in the U.S. reported outstanding performance in Q1 2025, with four of five operators achieving record revenues and profits. The sector's profitability has surged alongside Bitcoin's price, reaching approximately $105,462.87. U.S. miners grossed $2.0 billion, reflecting improved margins from the previous quarter. MARA Holdings led in Bitcoin production, but with the highest costs, while IREN emerged as the most profitable firm with the lowest costs. Notably, miners also showed restraint in equity issuance, signaling a disciplined capital approach as energy costs remained substantial.
Four of the five operators in our coverage reported record revenue and profits, underscoring the sector's impressive rebound in profitability amid continued institutional adoption and high bitcoin prices, currently hovering around $105,462.87.
MARA Holdings (MARA) once again led the pack in Bitcoin production, mining the most BTC for the ninth consecutive quarter. However, despite its output dominance, MARA also posted the highest cost per coin, estimated at $72,600.
CleanSpark (CLSK), another major player, did not raise any equity in the quarter-one of the more capital-disciplined moves seen among its peers.
JPMorgan's outlook on the industry remains bullish for select players, pointing to the significant financial performance and growth potential within the Bitcoin mining sector.
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