In the first quarter of 2025, the US -based public Bitcoin $104,786.02 The performance of mining companies drew attention. According to JPMorgan’s latest report, this period has come to the fore for mining companies as one of the best quarters to date. Analysts Reginald Smith and Charles Pearce said that there was a strong recovery in both the revenues and profitability of the sector.
Increases in income and profitability
The JPMorgan report stated that four of the five Bitcoin mining companies were announced at a record level and profit. In this development, both Bitcoin prices were high and increased interest in corporate investor. The report said that US mining companies made a total of 2 billion dollars of gross profits and average gross margins rose to 53 percent. In the previous quarter, the gross profit of the sector was 1.7 billion dollars and the average margin was 50 percent.
Mara Holdings, one of the prominent companies in the sector, was the company that produces the highest Bitcoin in the ninth quarter in a row. However, this success drew attention with its high production cost. According to JPMorgan’s data, Mara’s average cost per bitcoin was calculated as approximately $ 72,600.
Performances on Company Basis
In terms of gross profitability, Iren came to the fore. Among the firms followed, Iren was the first company that obtained the highest gross profit for the first time. The total cash cost of the company in a Bitcoin production fell to approximately 36,400 dollars. This provided a significant increase in the profitability of the company.
While Iren came to the fore with the gross snow obtained in the first quarter, it significantly increased its margins thanks to its low production cost.
Cleanspark did not increase equity for the quarter. JPMorgan said that the five mining companies he followed made a total increase in a total of $ 310 million in the first quarter, and that this amount was a significant decrease compared to $ 1.3 billion in the previous quarter.
Growth and sustainability
Mining companies also increased their activity costs. A total of 1.8 billion dollars of energy expenses were recorded and this amount increased by 50 million dollars compared to the previous quarter. This revealed the energy intensive structure of the sector once again.
JPMorgan continues to offer a positive look for some companies in the sector. While the bank maintains its positive note for Cleanspark, Iren and Riot Platforms; He gave a neutral grade for Cipher Mining and Mara.
JPMorgan said that some mining companies maintain profitability and growth potential, and disciplined growth in the industry is important.
The first quarter of 2025 came to the fore in Bitcoin mining as a period in which both revenues and profits reach a record level. In particular, companies that can control production costs and scalaning their activities were positively decomposed in the sector. With the impact of high Bitcoin prices, companies were able to continue their operations with lower capital increase. It was observed that energy costs came to the fore as the main expense item of the sector. An important point for readers is that the focus of companies on cost management and productivity for sustainable growth can be a decisive factor in future profitability.
Responsibility Rejection: The information contained in this article does not contain investment advice. Investors should be aware that crypto currencies carry high volatility and thus risk and carry out their operations in line with their own research.
