Bitcoin Miners Posted Record Profits in 2Q as HPC Push Accelerated, JPMorgan Says
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最新报道：JPMorgan reported that Q2 and summer 2025 were transformative for bitcoin miners, with record cash operating profits and a pivot toward high-performance computing (HPC). Cipher Mining's 244 MW colocation deal with Fluidstack and IREN's expansion to over 23,000 GPUs highlighted this shift. Miners' gross profits rose quarter-over-quarter due to higher bitcoin prices and efficiency, despite surging hashrates. Production costs increased modestly, with IREN and Cipher having the lowest power costs per bitcoin at around $29,000 and $31,200, while MARA's were highest at about $56,200. On a fully loaded basis, IREN and CleanSpark led with costs near $54,000 and $60,000 per coin. Bitcoin averaged around $98,500, keeping most operators profitable. Fundraising accelerated to about $590 million in new equity, largely for HPC projects, with IREN raising $263 million for expansion. Total capex reached about $900 million, while energy spending hit a record $2.1 billion, with gross profits steady at roughly $2.1 billion and margins near 53%.
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