What to know : IREN emerged as the clear standout with roughly +300% year-to-date gains while Bitdeer was the sector’s biggest laggard. AI focused miners like IREN, Cipher and Hut 8 delivered triple digit gains, supported by GPU cloud deals, hyperscaler partnerships and long-term data center leases. Bitcoin pure-play miners such as Marathon, CleanSpark, Riot and Bitdeer underperformed, highlighting that BTC holdings alone were not enough to offset weaker earnings, execution issues and delayed AI strategies.
As 2025 draws to a close, bitcoin faced a tough year, down about 7% year-to-date, while gold, the S&P 500 and technology stocks continue to hit all-time highs.
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) stayed 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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