Bitcoin mining stocks split sharply in 2025, as exposure to AI and high-performance computing became the main factor separating winners from losers. Companies that successfully pivoted toward AI infrastructure significantly outperformed traditional, bitcoin-only miners. IREN was the standout, posting roughly 300% gains year-to-date, while Bitdeer ended up as the weakest performer in the group.
Miners with a clear AI strategy—such as IREN, Cipher Mining, and Hut 8—delivered triple-digit returns, supported by GPU cloud agreements, partnerships with hyperscalers, and long-term data-center leasing deals. Meanwhile, miners focused primarily on bitcoin, including Marathon, CleanSpark, Riot, and Bitdeer, lagged behind. For these firms, holding BTC on the balance sheet wasn’t enough to compensate for softer earnings, execution issues, or slow progress on AI initiatives.
Overall, 2025 made the trend unmistakable: bitcoin miners that repurposed their infrastructure for AI data centers consistently outperformed those that remained pure-play mining operations.
