Bitcoin Miners' Profits Fall, But Their Stocks Continue to Rise
Date: 2025-10-21 Author: Gabriel Deangelo Categories: BUSINESS
According to CoinDesk, citing a Jefferies report, Bitcoin mining profitability fell by more than 7% in September. Average daily revenue per 1 EH/s of hashrate fell from $56,000 to $52,000. Experts attribute the main reasons to a 2% drop in the asset price and an approximately 9% increase in the network's total computing power.
At the beginning of the fourth quarter, the hashrate declined slightly, temporarily reducing competition, but the subsequent correction in the Bitcoin price further worsened profitability. According to the Hashrate Index, the hashrate price has remained below $49 per EH/s per day since the market crash on October 11. The last time such levels were seen was in the spring, when the cryptocurrency price fell below $90,000.
US public mining companies mined 3,401 BTC in September, compared to 3,576 BTC in August. MARA Holdings led the industry in mining volume with 736 BTC, followed by CleanSpark with 629 BTC. Both companies have the highest mining capacity in the industry – 60.4 EH/s and 50 EH/s, respectively.
Despite the decline in revenue, the market capitalization of the 15 largest US miners reached $90 billion by mid-October, according to TheMinerMag. Since September 15, Bitfarms shares have risen by 162%, Canaan by 149%, and CleanSpark by 125%. Meanwhile, Bitcoin itself has fallen by 3.7% over the same period. Experts attribute this paradox to miners' shift to AI computing. Companies already have the necessary energy and infrastructure resources, giving them an advantage in this emerging industry.
Expansion into high-performance AI computing has become a noticeable trend. In July, CoreWeave acquired Core Scientific for $9 billion, and in August, Google increased its stake in TeraWulf to 14%, providing $3.2 billion in financial guarantees for the miner's collaboration with Fluidstack. In September, the corporation helped Fluidstack reach an agreement with Cipher Mining, providing $1.4 billion in guarantees in exchange for a 5.4% stake in the company.
In August, IREN invested approximately $193 million in NVIDIA Blackwell B200 processors and announced the expansion of its AI Cloud division. Among the largest miners with a hashrate exceeding 50 EH/s, IREN was the first to actively integrate into the field of artificial intelligence.
CleanSpark also announced a shift from traditional mining to high-performance computing (HPC), appointing industry veteran Jeffrey Thomas as vice president of data centers. Bitdeer, meanwhile, announced its intention to repurpose its Norwegian facility for AI services and expand its capacity in the US and Asia.
GoMining predicts that the surge in interest in AI technologies could spark a new wave of institutional investment in Bitcoin mining.
