Wall Avenue Financial institution JP Morgan (JPM) stated the second quarter and summer season of 2025 will probably be transformative for Bitcoin BTC$123,012.36 Miner marked by file money working earnings and pivot in direction of high-performance computing (HPC).
Cipher Mining (CIFR) 244 Megawatt (MW) colocation highlighted its shift to Fluidstack and Iren (Iren) growth and growth to greater than 23,000 GPUs, the financial institution stated in a report on Tuesday.
Regardless of the surge in hashrate, the financial institution’s analysts famous that miners’ complete earnings rose quarter-over-quarter, supported by rising Bitcoin costs and a extra environment friendly fleet.
In line with analysts, manufacturing prices rose modestly as a result of elevated competitors and expanded high-performance computing (HPC) investments. Iren and Cipher had the bottom energy price per Bitcoin mined at round $29,000 and $31,200, whereas Mara (Mara) was round $56,200. On a completely loaded base (Energy Plus Money SG&A), Iren and CleanSpark (CLSK) led with prices of $54,000 and practically $60,000 per coin in comparison with Riot (Riot) $81,000. Bitcoin averages round $98,500 per quarter, making most operators extremely worthwhile.
The miner additionally accelerated its fundraising, issuing about $590 million in new fairness for the reason that first quarter, a lot of which went into HPC tasks, JPMorgan stated. Iren raised $263 million to finish a 50-sheet exahash growth and commenced constructing a 75MW water-cooled knowledge middle known as Horizon 1. Whole CAPEX throughout the group amounted to roughly $900 million, beneath its peak in late 2024, however rising sequentially.
Miners collectively spent $2.1 billion on power, analysts estimated, with complete earnings holding regular at about $2.1 billion and margins of practically 53%.
The financial institution stated Bitcoin’s energy and effectivity positive aspects continued to offset the community’s progress and guarantee it remained worthwhile even amid elevated competitors.
Learn extra: Bitcoin miner market cap hits file in September: jpmorgan
