Bitcoin mining in 2025: IREN claims the crown as Bitdeer's stock trails the pack

• 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 BTC$87.287,15 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.

2025 was defined by a stark divergence: structural progress collided with stagnant price action. Institutional milestones were reached and TVL increased across most major ecosystems, yet the majority of large-cap Layer-1 tokens finished the year with negative or flat returns.

This report analyzes the structural decoupling between network usage and token performance. We examine 10 major blockchain ecosystems, exploring protocol versus application revenues, key ecosystem narratives, mechanics driving institutional adoption, and the trends to watch as we head into 2026.

• Major cryptocurrencies and crypto stocks slid in early U.S. 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.

Disclosure & Polices: CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of Bullish (NYSE:BLSH), an institutionally focused global digital asset platform that provides market infrastructure and information services. Bullish owns and invests in digital asset businesses and digital assets and CoinDesk employees, including journalists, may receive Bullish equity-based compensation.