Wall Street bank JPMorgan (JPM) said the second quarter and summer of 2025 were transformative for bitcoin (BTC) miners, marked by record cash operating profits and a pivot toward high-performance computing (HPC).

Cipher Mining’s (CIFR) 244 megawatt (MW) colocation deal with Fluidstack and IREN’s (IREN) expansion to more than 23,000 GPUs underscored that shift, the bank said in the Tuesday report.

Despite surging hashrates, the bank's analysts noted that miners’ gross profits rose quarter-over-quarter, buoyed by higher bitcoin prices and more efficient fleets.

Production costs rose modestly as competition intensified and high-performance computing (HPC) investments expanded, the analysts said. IREN and Cipher had the lowest power costs per bitcoin mined at roughly $29,000 and $31,200, w

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