Bitcoin (CRYPTO: BTC) miners just had one of their best quarters on record, but the real winners aren’t just those mining the most coins – it’s those keeping costs in check.
JPMorgan analyst Reginald L. Smith breaks down the latest trends in the sector, upgrading IREN Ltd (NASDAQ:IREN) to Overweight while moving Cipher Mining Inc (NASDAQ:CIFR) to Neutral.
A Record Quarter, But Who Benefited Most?
The fourth quarter saw four of the five major publicly traded bitcoin miners – Cipher, CleanSpark Inc (NASDAQ:CLSK), IREN, MARA Holdings Inc (NASDAQ:MARA) and Riot Platforms Inc (NASDAQ:RIOT) – report record revenues and profits, largely thanks to Bitcoin’s price surge.
MARA led the pack in total coins mined (2,514 BTC), but IREN stole the show with a 65% increase in production quarter-over-quarter, bringing in 1,347 BTC.