Wall Street Bank JPMorgan (JPM) said the second quarter and summer of 2025 will be transformative for Bitcoin BTC$123,012.36 Miners marked pivots towards record cash investment profits and high performance computing (HPC).
Cipher Mining (CIFR) 244 Megawatt (MW) colocation highlighted the Fluidstack and Iren (Iren) expansion and expansion to over 23,000 GPUs and its shift, the bank said in a report Tuesday.
Despite the spike in hashrates, bank analysts noted that Miners’ total profits are rising quarterly, supported by rising Bitcoin prices and a more efficient fleet.
Analysts said production costs rose modestly as competition grew and high performance computing (HPC) investments increased. Iren and Cipher had the lowest electricity costs per bitcoin mined at around $29,000 and $31,200, while Mara (Mara) was around $56,200. On a fully loaded base (Power Plus Cash SG&A), Iren and CleanSpark (CLSK) led at costs of nearly $54,000 and nearly $60,000 per coin, compared to Riot (Riot) $81,000. Bitcoin averages around $98,500 a quarter, with most operators profitable.
Miners also accelerated funding, with around $590 million in new shares starting in the first quarter, with many of them flowing into HPC projects. Aylen raised $263 million to complete the 50-sheet exhaush expansion and began building a 75MW water-cooled data center called Horizon 1. The total CAPEX across the group reached around $900 million, below its peak in late 2024, but rose one after another.
Miners collectively spent $2.1 billion on energy, analysts estimated, with gross profits steady at around $2.1 billion, with margins close to 53%.
The bank said the increased strength and efficiency of Bitcoin continued to offset the growth of the network and remained profitable amid growing competition.
Read more: Bitcoin Miner’s Market Cap hit record in September: jpmorgan
