Bitcoin BTC/USD miners simply had certainly one of their finest quarters on document, however the actual winners aren’t simply these mining essentially the most cash – it is these holding prices in test.
JPMorgan analyst Reginald L. Smith breaks down the most recent traits within the sector, upgrading IREN Ltd IREN to Obese whereas shifting Cipher Mining Inc CIFR to Impartial.
A File Quarter, However Who Benefited Most?
The fourth quarter noticed 4 of the 5 main publicly traded bitcoin miners – Cipher, CleanSpark Inc CLSK, IREN, MARA Holdings Inc MARA and Riot Platforms Inc RIOT – report document revenues and earnings, largely because of Bitcoin’s value surge.
MARA led the pack in whole cash mined (2,514 BTC), however IREN stole the present with a 65% improve in manufacturing quarter-over-quarter, bringing in 1,347 BTC.
Learn Additionally: Trump-Appointed SEC Chair May Quick-Observe Crypto ETF Approvals: XRP, Solana, Dogecoin ETFs Coming By June?
Mining Prices: The Nice Divide
Effectivity is vital in Bitcoin mining, and IREN got here out on high, producing BTC on the lowest all-in money price of ~$36,100 per coin. Riot, alternatively, posted the best price at ~$72,400 per BTC—a steep value even with BTC averaging ~$83,300 within the fourth quarter.
Smith notes that MARA had the bottom money SG&A prices at $9,600 per coin, making it a lean operator regardless of its comparatively excessive energy prices ($52,400 per BTC).
Hashrate Progress Takes A Breather
After an aggressive 180% improve in hashrate in 2024 – outpacing even community development—the 5 miners are slowing down in 2025. CleanSpark and MARA are shifting towards extra disciplined capital administration, whereas IREN, Cipher, and Riot are evaluating hashrate enlargement versus high-performance computing (HPC) alternatives.
Riot and IREN have already trimmed their hashrate targets to release capability for HPC initiatives, with Cipher additionally contemplating reallocating sources.
HPC: The Subsequent Massive Pivot?
Miners aren’t simply chasing bitcoin anymore. Smith sees HPC knowledge facilities as a key development driver, with Cipher finest positioned to strike a deal within the close to time period. IREN is establishing a 75 MW multi-tenant, liquid-cooled HPC knowledge heart, anticipated to go stay in 2H25, although financing and tenant particulars stay unclear.
Riot and IREN proceed lively talks with hyperscalers, however offers are taking longer to materialize.
Inventory Scores Shake-Up
Smith is upgrading IREN to Obese with a $12 value goal, citing its low-cost construction and powerful manufacturing development.
CleanSpark, additionally rated Obese, will get a revised $12 value goal (down from $17) on account of deteriorating mining economics.
In the meantime, Cipher strikes to Impartial, as its 2025 hashrate goal lags behind rivals, and capital raises seem possible.
MARA and Riot stay Impartial and Obese, respectively, with value targets of $18 and $13.
With miners slowing enlargement, pivoting towards HPC, and managing capital extra cautiously, 2025 is shaping as much as be a 12 months of strategic recalibration. Bitcoin’s value will nonetheless dictate the sector’s destiny, however as Smith highlights, these with the bottom prices and diversified income streams may have the sting.
Learn Subsequent:
Picture: Midjourney
Market Information and Information delivered to you by Benzinga APIs
© 2025 Benzinga.com. Benzinga doesn’t present funding recommendation. All rights reserved.
