Bitcoin Miners' Q2 2025 Earnings and Developments Recap: A Comprehensive Look at Public Miners' Performance and Strategic Moves

Bitcoin miners' Q2 2025 results show significant earnings growth, driven by bitcoin price appreciation. Public miners have reported strong revenue, cost of revenue, SG&A, and hashcost for the quarter. MARA Holdings made a strategic investment in Exaion, a digital-infrastructure subsidiary of EDF, and priced a $950 million convertible senior notes offering. Riot Platforms amended and upsized its bitcoin-backed revolving credit facility with Coinbase to $200 million and hired a Chief Data Center Officer. CleanSpark appointed co-founder Matt Schultz as CEO and surpassed 1 GW in contracted power. Cipher Mining reported that Black Pearl Phase I exceeded growth targets.

Bitcoin miners reported mixed results for Q2 2025, with significant earnings growth driven primarily by Bitcoin price appreciation. Key players in the sector, such as Lm Funding America (LMFA) and KULR Technology Group, showcased strong revenue, cost of revenue, SG&A, and hashcost for the quarter.

Lm Funding America reported GAAP net income of $0.1 million in Q2 2025, up from a GAAP net loss of $6.2 million in Q2 2024. The company's EPS (GAAP) turned positive at $0.02, largely due to a $3.8 million Bitcoin revaluation gain [1]. However, revenue fell to $1.93 million, down 36.0% year-over-year from Q2 2024, and cash reserves declined to $0.4 million by the end of the quarter. The company's mining margin rose to 41.0%, and Bitcoin holdings reached 155.5 by June 30, 2025.

KULR Technology Group's Q2 2025 earnings were notably strong, with $3.97 million in revenue, a 63% year-over-year increase, and $0.22 EPS. The company's strategic Bitcoin allocation boosted liquidity to $24.73 million, while a 1-for-8 reverse stock split improved investor appeal. KULR expanded its Bitcoin mining operations by deploying 3,570 Bitmain S19 XP 140T miners in Paraguay, increasing hashing power to 750 PH/s [2].

MARA Holdings made a strategic investment in Exaion, a digital-infrastructure subsidiary of EDF, and priced a $950 million convertible senior notes offering. Riot Platforms amended and upsized its Bitcoin-backed revolving credit facility with Coinbase to $200 million and hired a Chief Data Center Officer. CleanSpark appointed co-founder Matt Schultz as CEO and surpassed 1 GW in contracted power. Cipher Mining reported that Black Pearl Phase I exceeded growth targets.

Despite the strong earnings, Bitcoin miners face significant risks, including Bitcoin price volatility and operational challenges. Lm Funding America's reliance on Bitcoin revaluation gains and KULR's strategic Bitcoin allocation expose these companies to market fluctuations. Investors should closely monitor these companies' ability to generate earnings from operations rather than relying on asset revaluations.

References:
[1] https://www.nasdaq.com/articles/lm-funding-america-posts-q2-profit-swing
[2] https://www.ainvest.com/news/kulr-technology-q2-2025-earnings-signal-thermal-turnaround-strategic-play-ev-data-infrastructure-2508/