Mining companies surge as BTC strats diversify into AI computing
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Shares of Bitcoin mining companies have risen sharply in 2025, outperforming the cryptocurrency they support, as more miners redirect their computing capacity toward artificial intelligence (AI) and high-performance computing (HPC).
Bitcoin is up about 14% this year, yet hovers below its record high of $126,000 reached October 6, 2025. However, a fund tracking listed Bitcoin miners has gained more than 150% year to date, reflecting growing investor interest in their transition to broader computing operations.
Investors are almost exclusively valuing Bitcoin miners for their HPC and AI opportunities. Less than 10% of our conversations on miners are actually about Bitcoin and mining,
The shift comes after last year’s Bitcoin halving, which reduced mining rewards and lowered profitability. Hashprice — the measure of miner revenue per unit of computing power — remains near record lows, prompting companies to repurpose part of their energy capacity for AI-related workloads.
Cipher Mining and IREN are among the firms leading the transition. Cipher’s shares have gained around 300% this year after it signed a 10-year, $3 billion colocation deal with Fluidstack, partly backed by Google. The agreement includes $1.4 billion in lease commitments and warrants representing a 5.4% stake in Cipher. IREN’s stock has climbed roughly 500% after closing a $1 billion convertible notes offering to fund new facilities.
Other miners are following a similar direction. TeraWulf recently announced plans to raise $3.2 billion through senior secured notes to expand its Lake Mariner data center in New York. Singapore-based Bitdeer Technologies rose nearly 30% after unveiling plans to convert its 570-megawatt site in Ohio into AI-ready data centers. The company said that, under favorable conditions, the project could generate annualized revenue of up to $2 billion by the end of 2026.
Cipher Mining and IREN are among the firms leading the transition. Cipher’s shares have gained around 300% this year after it signed a 10-year, $3 billion colocation deal with Fluidstack, partly backed by Google. The agreement includes $1.4 billion in lease commitments and warrants representing a 5.4% stake in Cipher. IREN’s stock has climbed roughly 500% after closing a $1 billion convertible notes offering to fund new facilities.
Other miners are following a similar direction. TeraWulf recently announced plans to raise $3.2 billion through senior secured notes to expand its Lake Mariner data center in New York. Singapore-based Bitdeer Technologies rose nearly 30% after unveiling plans to convert its 570-megawatt site in Ohio into AI-ready data centers. The company said that, under favorable conditions, the project could generate annualized revenue of up to $2 billion by the end of 2026.
For Bitdeer, AI and HPC are complements to mining, not replacements. We’ll continue to focus on efficiency in self-mining while selectively converting sites to AI and HPC where long-term returns are viable,
Analysts say the sector’s focus on AI and HPC will likely slow expansion in Bitcoin’s hashrate, as part of the power once dedicated to mining is redirected toward computing infrastructure. Wolfie Zhao from TheMinerMag noted that Riot Platforms, IREN, and Bitfarms have already indicated they will pause hashrate expansion for now.
The focus is shifting from how much hashrate can be added to how efficiently energy can be used. Mining and computing now share the same energy economy,
Needham’s Todaro said revenue per megawatt and operating margins are currently higher for AI and HPC operations than for traditional mining, which remains constrained by halving cycles and price volatility.
Once the dust settles from Trump’s barrage of tariffs against China, mining might surge back to the top of profit rankings. You’ll hear it first on GNcrypto.
Once the dust settles from Trump’s barrage of tariffs against China, mining might surge back to the top of profit rankings. You’ll hear it first on GNcrypto.
Author
Sebile Fane cut her teeth in blockchain by building tiny NFT experiments with friends in her living room, long before the buzzwords took hold. She’s driven by a curiosity for the human stories behind smart contracts — whether it’s a small-town artist minting her first token or a DAO voting on climate grants — and weaves technical insight with genuine empathy.
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