Bitcoin miners posted record cash operating profits in Q2 2025, driven by higher bitcoin prices, improved operational efficiency, and accelerated investment in high-performance computing (HPC), according to JPMorgan (JPM).
The bank described the quarter as transformative for the mining sector, with a clear shift toward HPC infrastructure. Notable developments included Cipher Mining’s (CIFR) 244 MW colocation deal with Fluidstack and IREN’s (IREN) expansion to over 23,000 GPUs, illustrating the industry’s focus on advanced computing capabilities.
Despite rising network hashrates, miners’ gross profits rose quarter-over-quarter, supported by strong bitcoin prices and more efficient fleets. Production costs increased only slightly due to heightened competition and HPC investments.
Cost analysis showed IREN and Cipher Mining had the lowest power costs per bitcoin at $29,000 and $31,200, respectively, while MARA (MARA) had the highest at $56,200. On a fully loaded basis, including power and SG&A, IREN and CleanSpark (CLSK) led at $54,000 and $60,000 per BTC, compared with Riot (RIOT) at $81,000. With bitcoin averaging $98,500 in Q2, most miners remained profitable.
Miners also ramped up fundraising, issuing roughly $590 million in new equity, largely directed toward HPC projects. IREN raised $263 million to complete its 50-exahash expansion and begin construction on the 75 MW liquid-cooled Horizon 1 data center. Total sector-wide capital expenditures reached $900 million, up sequentially but below late-2024 peaks.
Energy costs reached a record $2.1 billion, matched by gross profits of $2.1 billion, maintaining margins around 53%.
JPMorgan concluded that strong bitcoin prices, operational improvements, and HPC adoption allowed miners to sustain profitability despite increasing competition and network growth.
