“Diversification into AI and HPC infrastructure drove sharp outperformance for miners, while pure-play bitcoin miners lagged.”, — write: www.coindesk.com
As a result, public bitcoin mining stocks have shown stark contrasts, driven largely by diversification into artificial intelligence (AI) and high-performance computing (HPC) infrastructure. The standout performers have been companies aggressively pivoting to AI.
IREN (IREN) led with a massive +300% year-to-date (YTD) gain, fueled by major GPU cloud deals and Microsoft’s backing.
Cipher Mining (CIFR) followed strongly at +230%, expanding AI hosting partnerships specifically with Fluidstack.
Hut 8 (HUT) also soared, up around +139%, capped by its recent AI announcement: a $7 billion, 15-year AI data center lease for 245 MW at its River Bend site in Louisiana.
In contrast, three of the four largest bitcoin holders among public miners underperformed the AI/HPC miners.
Marathon Digital (MARA), the top BTC hodler among miners with 53,250 BTC, dropped -44% YTD. CleanSpark (CLSK) (13,011 BTC) and Riot Platforms (RIOT) (19,324 BTC) saw modest gains of 16% and 32% respectively, without aggressive AI diversification until much later in the year.
Core Scientific (CORZ) remained independent after shareholders rejected a $9 billion all-stock takeover bid from CoreWeave in October, betting on higher standalone value amid AI demand. Its shares are up just 9% year-to-date.
Bitdeer Technologies (BTDR), the biggest underperforming mining company in the sector, is down around 50%. The bulk of the losses came after its Q3 earnings announcement, when the company reported a larger-than-anticipated net loss and disclosed a delay to its ASIC chip, adding uncertainty around its AI expansion plans.
This year underscored a clear trend: miners repurposing sites for AI data centers which outperformed pure-play bitcoin operators.
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Gold, silver, platinum and copper all surged to new records as metals — not bitcoin — attracted capital on the debasement trade and geopolitical tension.
- Major cryptocurrencies and crypto stocks slid in early US trade Friday, with bitcoin slipping back below $87,000 and bitcoin miners down 5% or more across the board.
- Gold, silver and other metals surged, with geopolitical concerns adding to the debasement trade.
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