Wu said that according to Bitcoin Magazine, JPMorgan released a report stating that the first quarter of 2025 is "one of the best quarters to date" for U.S.-listed Bitcoin mining companies, with five mining companies achieving a total gross profit of $2 billion and an average gross margin of 53%. MARA led in production for the ninth consecutive quarter, but had the highest unit cost; IREN became the most profitable mining company for the first time, with a unit cost of only about $36,400.