币界网报道：JPMorgan reported that U.S.-listed bitcoin mining companies had a record-breaking Q1 2025, with four out of five operators achieving unprecedented revenue and profits. The sector collectively earned $2.0 billion in gross profit with 53% margins, up from $1.7 billion and 50% in Q4 2024. MARA Holdings led in bitcoin production for the ninth consecutive quarter, while IREN topped gross profits for the first time, boasting the lowest all-in cash cost per coin at $36,400. MARA, however, had the highest cost per coin at $72,600. Equity issuance dropped sharply to $310 million, with CleanSpark abstaining entirely. Power expenditures rose to $1.8 billion. JPMorgan maintains overweight ratings on CleanSpark, IREN, and Riot Platforms, with neutral ratings for Cipher Mining and MARA.