The first quarter of 2025 was one of the highest record Bitcoin periods on the US list
BTC$104,420.77
Wall Street Bank JPMorgan (JPM) said in its investigation report on Friday.
“Of the five operators in our report, four reported record revenue and profits,” wrote analysts Reginald Smith and Charles Pierce.
In total, the miners earned a total profit of around $2 billion, earning a total margin of 53%. These figures are compared to 50% compared to the previous quarter’s $1.7 billion, the bank said.
Mara Holdings (Mara) mined Bitcoin in the most consecutive bank compensation capabilities in the nine-quarter, the report said.
Aylen (Aylen) was the first to win the group’s most gross profit, the bank said. Minor also recorded “the lowest cash cost per coin was only $36,400.”
Conversely, Mara recorded the highest cost per coin of about $72,600, the bank said.
Five mining companies tracked by banks issued just $310 million in shares in the quarter. This was a $1 billion decrease from the fourth quarter of the previous year. CleanSpark (CLSK) did not raise capital during that period, the bank noted.
The bank estimated that businesses spent $1.8 billion in total, $50 million more than the previous quarter.
The bank has overweight ratings at CleanSpark, Iren and Riot Platforms (Riot), and has a neutral rating of Crypto Mining (CIFR) and Mara.
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