Bitcoin mining stocks 2025: AI and HPC drive gains
Background: Bitcoin mining stocks outpace BTC in 2025
Bitcoin mining stocks in 2025 are outperforming the cryptocurrency itself, as major mining companies shift strategies toward artificial intelligence (AI) and high-performance computing (HPC). Traditionally, these companies operated as so-called miners, mirroring commodity mining, with fortunes tied closely to Bitcoin price volatility. After benefiting from an initial AI boom in 2023, miners faced slumping profits and fierce competition through 2024, but the tide has turned this year.
Despite recent declines in the crypto market, Bitcoin remains up 14% year-to-date and is hovering near its record high of $126,000. The second Trump administration’s pro-cryptocurrency policies have contributed to renewed investor interest. Nevertheless, the standout performers in 2025 have been mining stocks, not BTC itself. An index tracking Bitcoin mining companies has soared over 150% since the start of the year, as investors reclassify them as “technology infrastructure companies.”
Market reaction: Surge led by AI and data center deals
“Investors are currently evaluating Bitcoin miners almost entirely on HPC and AI opportunities. Less than 10% of the topics we discuss are related to Bitcoin mining,” said John Todaro, analyst at Needham & Co. (Cryptonews).
Cipher Mining and IREN have emerged as prime examples of this technological pivot. Both companies, listed on Nasdaq, have seen their shares climb 300% and 500% respectively in 2025. Early in the year, Cipher secured a 10-year, approximately $3 billion partnership with Google-backed Fluidstack, providing $1.4 billion in lease guarantees for a 5.4% equity option—a move widely interpreted as evidence of growing links between crypto mining and AI computing.
Singapore-headquartered Bitdeer Technologies Group experienced a 30% jump in its share price on Wednesday. Bitdeer intends to convert several mining locations, including its 570-megawatt Clarington, Ohio, facility, into AI data centers. The company projects annual revenue from AI and HPC could exceed $2 billion by late 2026 under best estimates.
“AI and HPC are not replacing mining; they are complementing it. We will transform by selecting facilities whose profitability is sustainable over the long term,” stated Jeff LaBerge, vice president of capital markets and strategy at Bitdeer.
What’s next for Bitcoin miners?
The strategic shift toward AI and HPC gained momentum following the 2024 Bitcoin halving, which cut the mining reward from 6.25 BTC to 3.125 BTC per block. The reward reduction, combined with higher network difficulty and falling transaction volumes, compressed miners’ profit margins significantly. Wolfie Zhao, analyst at TheMinerMag, observed, “Companies like Riot Platforms, IREN, and Bitfarms aren’t planning to increase their hash power in the near term. The focus has shifted from ‘how much hash can we add’ to ‘how efficiently can we use energy’.”
Higher EBITDA margins and revenue per megawatt are reported from AI and HPC activities, compared with traditional Bitcoin mining. Needham analyst John Todaro noted, “Due to Bitcoin’s volatility and halving risks, capital markets are now valuing AI-focused data centers much higher than traditional miners.”
For more on developments in digital assets and mining, visit Vizi’s cryptocurrency section.
