According to reports from Wu, JPMorgan released a report stating that the first quarter of 2025 is 'one of the best quarters to date' for publicly listed Bitcoin mining companies in the United States. Five mining companies collectively achieved a gross profit of $2 billion, with an average gross margin of 53%.
MARA led production for the ninth consecutive quarter, but had the highest unit costs; IREN became the most profitable mining company for the first time, with a unit cost of only about $36,400.
