Bitcoin Miners Achieved Record Profits in the Second Quarter of 2025.

According to a report published by JPMorgan, Bitcoin miners achieved record profits in the second quarter of 2025, driven by rising Bitcoin prices, efficiency improvements, and expansion in the high-performance computing (HPC) sector.

The report revealed that mining companies raised a total of approximately $590 million in new financing and spent $900 million on growth. This situation helped maintain the sector's financial stability, keeping gross profits at $2.1 billion and margins around 53%.

The Wall Street bank JPMorgan noted that the summer of 2025 would be a turning point for Bitcoin miners. The report highlighted significant developments such as Cipher Mining’s 244 megawatt (MW) data center agreement with Fluidstack and IREN reaching a capacity of over 23,000 GPUs.

Despite rising hashrate levels, it was noted that miners' gross profits increased on a quarter-over-quarter basis. This was made possible by higher Bitcoin prices and a more efficient mining fleet. Production costs showed a slight increase due to heightened competition and expanded investments in high-performance computing. IREN and Cipher Mining stood out with the lowest energy costs per mined Bitcoin, reaching approximately $29,000 and $31,200, respectively. Riot, on the other hand, had a cost of about $56,200, marking the highest levels.

In terms of fully loaded costs, IREN and CleanSpark recorded the lowest costs at $54,000 and $60,000, respectively. Riot's cost was determined to be $81,000. During this quarter, the average Bitcoin price was around $98,500, which made most miners profitable.

JPMorgan also pointed out that miners have increased their pace of raising funds. In the second quarter, approximately $590 million was sourced through new equity. A significant portion of these funds was directed towards HPC projects. IREN raised $263 million to complete a 50 exahash expansion and build Horizon 1, a 75 MW liquid-cooled data center.

Total capital expenditures (capex) for the group reached approximately $900 million, although remaining below the peaks at the end of 2024, suggesting an increase. Analysts estimate that miners spent a total of $2.1 billion on energy. While gross profits remained steady at approximately $2.1 billion, margins continued to be around 53%. The strength of Bitcoin and improving efficiency helped maintain profitability despite increasing competition, compensating for network growth.