The second quarter of 2025 delivered the highest quarterly profit on record for listed Bitcoin miners, JPMorgan reports. The bank links the result to a higher Bitcoin price and a faster shift of data centre capacity toward High-Performance Computing and artificial-intelligence services. Data centre owners and buyers of compute contracts all felt the shift, and the bank frames the move as a strategic re-rating with a tight window to secure AI demand.
Listed miners reached record profitability in Q2 2025, while the combined market value of the tracked miners stood at USD 56.0–58.1 billion in September and rose 23–43% month-on-month. JPMorgan labels the move a strategic re-rating as investors respond to evidence that miners can monetize their infrastructure beyond Bitcoin.
Miners now redeploy existing halls, power feeds and cooling systems to run HPC besides AI workloads. The bank puts the net present value of this “AI arbitrage” at USD 37.6 billion. The Bitcoin price also helped—the note keeps a projection of USD 165,000 per coin, 40% above the report’s reference level.
Operating metrics, ratings and timeline
Operating metrics added support. The 13 U.S. miners covered by JPMorgan raised their aggregate hashrate 99% year-on-year, while the whole network grew 55%. Hashrate measures the processing power that validates transactions and secures the Bitcoin chain.
The window for turning capacity into signed AI contracts is narrow. JPMorgan gives miners nine months to secure deals with hyperscalers or AI firms and has altered each rating to reflect that deadline. Riot Platforms moved to Overweight, with the target raised to USD 19 from USD 15 on evidence of AI conversion. Iris Energy (IREN) dropped to Underweight on valuation. CleanSpark shifted to Neutral from Overweight because the bank sees limited upside. The market now pays a premium to miners that prove they can sell compute to AI buyers and penalises those that cannot.
The next test is the announcement, within nine months, of major contracts with hyperscalers alongside AI companies. Those deals will decide whether the re-rating survives once Bitcoin price momentum fades.
