Back to News
Oct 29, 2025 4:00 PM

Analyst Says Bitcoin Mining Revenue And EBITDA Could Rise

JP Morgan analyst Reginald L. Smith expressed views about bitcoin miners, which are expected to report third-quarter 2025 results over the next few weeks.

The five bitcoin mining and data center operators in the analyst coverage set to report third-quarter 2025 results over the next few weeks are Riot Platforms, Inc. (NASDAQ:RIOT), Cipher Mining Inc. (NASDAQ:CIFR), MARA Holdings, Inc. (NASDAQ:MARA), and IREN Limited (NASDAQ:IREN).

The analyst writes that their high-performance computing (HPC) DCF model indicates the market may be pricing in roughly 5 GW of HPC deals