In 2025, the Bitcoin mining market showed a clear split: Bitcoin itself was down about 7% year-over-year, while individual public companies displayed varied stock performance. The main driver of these differences was the mass shift of some miners toward infrastructure for artificial intelligence (AI) and high-performance computing (HPC). As a result, those actively entering AI projects outperformed purely Bitcoin-focused companies.
Bitcoin Mining Market Overview in 2025
The overall trend in 2025 can be described as downward pressure on Bitcoin’s price alongside growing interest in using mining facilities for AI applications. This led to a strong divergence in returns among public mining companies: some surged sharply, others declined significantly. The following sections highlight the key winners and laggards of the year.
Market Leaders: AI-Focused Companies
IREN
IREN emerged as the sector leader with a 300% year-over-year stock increase, fueled by major GPU cloud service deals and support from Microsoft. This combination of contracts and partnerships positioned the company as the top performer among public miners in 2025. For investors and partners, this signals that demand for AI computing resources can add a premium to company valuations.
Cipher Mining
Cipher Mining accelerated growth to 230% YTD by expanding AI hosting partnerships, including with Fluidstack. The company shifted focus from purely mining capacity toward GPU hosting and related services, positively impacting its stock valuation. This path illustrates how AI workload hosting agreements influence miners’ market value.
Hut 8
Hut 8 gained about 139% year-over-year, partly due to announcing a $7 billion, 15-year lease for a 245 MW AI data center at the River Bend site in Louisiana. This large-scale, long-term contract was a key factor in the positive market reaction to the company’s shares. It exemplifies how substantial AI contracts can reshape market perceptions of mining businesses.
Laggards: Traditional Bitcoin Miners
Among major Bitcoin holders, some traditional mining companies notably lagged behind AI-focused players. Marathon Digital declined 44% YTD despite holding 53,250 BTC in reserves, illustrating that BTC holdings alone don’t guarantee stock growth. CleanSpark and Riot Platforms showed modest gains of 16% and 32% respectively, with reserve balances of 13,011 BTC and 19,324 BTC, and their AI diversification efforts started later in the year.
Core Scientific
Core Scientific remained independent after shareholders rejected a $9 billion acquisition offer from CoreWeave in October, betting on a higher standalone valuation amid AI demand. This shareholder decision and AI focus kept Core Scientific out of mergers, reflected in its stock performance throughout the year.
Bitdeer: The Biggest Laggard of the Year
Bitdeer Technologies was the weakest sector player, falling about 50% YTD. The main drop followed the Q3 report, which revealed a larger-than-expected net loss and announced delays in releasing its ASIC chip, complicating plans to expand into AI. More details on Bitdeer’s recent operations and developments can be found in the note Bitdeer Increased Production, discussing the latest company events.
Trends and Conclusions
The key takeaway from 2025 is that companies pivoting their facilities toward AI and HPC generally outperformed purely Bitcoin-focused miners in stock returns. This is confirmed by examples like IREN, Cipher, and Hut 8, which secured major GPU hosting deals and long-term leases. To understand the implications of this trend next year, it’s useful to compare the current landscape with the analysis of AI’s impact on miner margins and survival in the Bitcoin Mining 2026 review.
Why This Matters
If you operate from one to a thousand devices mining in Russia, 2025 results show the market is changing not only due to Bitcoin’s price but also because of demand for AI computing power. This affects hosting availability, pricing policies for facility placement, and potential service contracts. Even if you don’t plan to pivot, understanding that GPU demand may create new opportunities and competition in hosting is important.
What To Do?
- Assess your mining costs. Recalculate electricity and maintenance expenses to understand how profitable your ASIC operation is amid BTC price declines.
- Consider hosting and leasing options. If you have spare capacity or placement capabilities, explore offers for AI or HPC hosting to diversify income.
- Follow equipment manufacturer news. ASIC release delays like Bitdeer’s and new GPU deals among leaders affect hardware availability and pricing.
- Maintain liquidity reserves and backup plans. Small capital buffers help weather volatility and supply delays.
- Evaluate partnerships locally. When choosing sites and services, consider risks and opportunities in the Russian hosting market and maintain contacts with multiple providers.
FAQ
Q: Does the growth of IREN and Cipher mean mining as a business is dying?
A: No, their growth reflects demand for AI computing, not the disappearance of mining. Traditional mining remains viable, but revenue sources and company valuations are evolving.
Q: Should I urgently sell equipment due to Bitdeer’s decline?
A: The decision depends on your cost structure and equipment plans. Bitdeer’s stock drop relates to its report and ASIC delays, not an immediate industry collapse.
Q: How do I know if I should seek AI hosting?
A: Evaluate your site’s physical capabilities (power, cooling, network) and regional demand. If you can host GPUs, it may be a way to diversify income.