13 Bitcoin Mining Stocks to Watch

Key Takeaways

• Bitcoin mining is a highly competitive field dominated by large-scale operations utilizing advanced hardware, making it increasingly challenging for smaller miners to compete.
• Investors can benefit from Bitcoin mining indirectly by investing in stocks of publicly traded Bitcoin mining companies, such as Riot Platforms and Marathon Digital. Bitcoin mining stocks provide exposure to the industry’s growth without the complexities of running mining hardware.
• Companies like Riot Platforms and Bitfarms are expanding their operations while focusing on cost-effective and environmentally friendly solutions, making them attractive investment options.
• Despite controversies, Bitcoin mining companies such as Greenidge Generation strive for sustainability while facing legal and environmental challenges. Investors monitoring Bitcoin mining stocks should consider both regulatory risks and energy efficiency trends shaping the sector.

Bitcoin’s price spike in July 2025 boosted mining profits. With block rewards fixed at 3.25 BTC since the April 2024 halving, the higher prices would translate to larger returns for miners and those backing them. Bitcoin mining stocks also responded in kind, tracking renewed interest and stronger margins across the sector.

Bitcoin mining, which secures the network by validating transactions, uses specialized hardware, known as ASIC Bitcoin miners, to solve complex algorithms. Miners also use reliable crypto mining algorithms to optimize their mining operations. It’s a highly competitive space where miners race to claim the limited number of Bitcoin.

Despite the reduced BTC payout, the 2025 bull run has lifted block rewards in dollar terms, prompting expansion across mining operations. Still, wary of market volatility, many operators have diversified into artificial intelligence (AI) data center services to help stabilize revenue. These companies also have obligations to investors, driving a focus on scale, efficiency, and strategic growth

13 Top Bitcoin Mining Stocks To Watch

Here are the leading Bitcoin mining stocks in 2025:

1. Marathon Digital Holdings, Inc. (MARA)

Source

Country: USA
Stock Exchange: NASDAQ
Market Cap: $5 billion

Marathon Digital Holdings, established in 2010 and headquartered in Las Vegas, Nevada, remains a leading force in Bitcoin mining, recognized as one of the largest operators in North America.

Under the leadership of CEO Fred Thiel, MARA has achieved significant milestones, including weathering the halving and a record-breaking performance in May 2025, where it mined 950 bitcoins and won 282 blocks, representing a 38% increase from April. The company’s energized hash rate grew to 58.3 EH/s, bolstered by strategic expansions, including a 50 MW (designed to scale up to 200MW) data center in Ohio. MARA’s proprietary mining pool and integrated tech stack have enhanced efficiency, capturing a 6.5% share of network rewards.

Despite challenges from rising mining difficulty and a projected increase in production costs, MARA’s commitment to a full HODL strategy has boosted its Bitcoin holdings to approximately 49,000 BTC, valued at roughly $5 billion.

2. Core Scientific (CORZ)

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Country: United States
Stock Exchange: NASDAQ
Market cap: $3.6 billion

Founded in 2017, Core Scientific is a major operator of blockchain and artificial intelligence infrastructure. Headquartered in Austin, Texas, the company is led by CEO Adam Sullivan. It runs multiple data centers across North America, making it one of the largest Bitcoin miners in the U.S., serving both its own operations and third-party clients.

After filing for Chapter 11 in December 2022—due to high energy costs, a downturn in Bitcoin prices, and unpaid debt—the company underwent significant restructuring. In January 2024, Core Scientific’s Chapter 11 Plan of Reorganization was confirmed, reducing approximately US$400 million in debt and enabling it to emerge and relist on Nasdaq by the end of that month.

Recent results show a mixed but promising financial position: Q1 2025 ended with US$778.6 million in combined cash, equivalents, and digital assets; revenue of US$79.5 million; while net income surged to US$580.7 million, heavily influenced by non-cash warrant mark-to-market adjustments.

Core Scientific is increasingly pivoting toward high-density colocation and AI infrastructure services, securing plans to deliver 250 MW of billable capacity to CoreWeave by year—end, with its core leadership in Bitcoin mining complemented by this broader, technology-focused strategy.

3. Riot Blockchain (RIOT)

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Country: USA
Stock Exchange: NASDAQ
Market Cap: $3.4 billion

Riot Blockchain, a leading US Bitcoin mining firm and one of the biggest crypto companies, was originally founded in 2000 as Bioptix, a biotechnology company specializing in diagnostic equipment. Under the leadership of Jason Les, the company shifted its focus to Bitcoin mining in 2017. Headquartered in Castle Rock, Colorado, Riot now operates extensive mining facilities across North America, with Texas as its primary hub.

Riot’s choice became a subject of discussion when the company acquired Whinstone US Inc. in 2021, a significant move towards expanding its mining capabilities. The company’s business activities primarily focus on Bitcoin mining, but it also offers blockchain services, thereby diversifying its revenue streams. Riot boosted its production, generating $71.5 million increase in Bitcoin Mining revenue. In Q1 2025, it reported record revenue of $161.4 million but logged a net loss of $0.3 million due to higher costs post‑halving.

Apart from the facilities in North America, Riot is still seeking other ways to enhance its mining capacity while maintaining environmentally friendly and cost-effective processes.

The company has faced criticism for the environmental impact of its mining operations. However, it has also made efforts to decrease emissions; for instance, it is seeking ways to use green power to generate electricity for its plants. 

Riot plans to diversify its business as it pauses Corsicana’s 600 MW Phase II mining expansion to explore AI/HPC capacity, targeting more stable long-term cash flows. The company remains one of the leading stocks for investors interested in Bitcoin mining, as the firm focuses on growth and expansion in the cryptocurrency sector.

4. CleanSpark, Inc. (CLSK)

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Country: USA
Stock Exchange: NASDAQ
Market Cap: $3 billion

CleanSpark, founded in 2014, is a US-based energy tech firm specializing in Bitcoin mining. Led by CEO Zach Bradford, the Henderson, NV–headquartered company operates a vertically integrated mining network powered largely by renewables. Bitcoin mining remains its primary revenue engine, complemented by energy infrastructure services.

CleanSpark has made significant moves in the mining space. It increased its Bitcoin treasury by 567% since 2023, a clear sign of growth in its crypto operations. A major development in 2024 was the company’s deal to acquire 160,000 Bitmain S21 miners, boosting its mining capacity.

In 2025, CleanSpark’s hashrate surged past 50 EH/s—a key growth threshold—and now operates roughly 45–50 EH/s, with plans to surpass 60 EH/s. Its Bitcoin treasury has doubled since 2024, reaching approximately 12,502 BTC, placing CleanSpark among the top six US public companies by held Bitcoin. The company maintains nearly 987 MW of contracted power capacity across more than 30 US sites.

CleanSpark’s disciplined, equity‑lite strategy, combined with scaling operations and a focus on vertical integration, reinforces its position as a leading pure‑play Bitcoin miner.

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5. Hut 8 Mining Corp. (HUT)

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Country: Canada
Stock Exchange: NASDAQ, Toronto Stock Exchange
Market Cap: $1.8 billion

Toronto, Canada-based Hut 8 Mining Corp is one of the largest Bitcoin mining companies. Established in 2017, Hut 8 has grown among the best due to its high-performance computing and Bitcoin mining services.

Asher Genoot, the company’s CEO, has been managing the business model of mining facilities and data centers for enterprise customers. In June 2025, Hut 8 enhanced its financial flexibility by expanding a Bitcoin-backed credit facility with Coinbase from $65 million to $130 million at a fixed 9% rate, extended through July 16, 2026 — securing non-dilutive capital for growth.

In mid-2024, Hut 8 received $150 million from Coatue as an investment in its AI infrastructure business. Additionally, its subsidiary Highrise AI signed a five‑year GPU‑as‑a‑Service contract. A recent spin‑off of American Bitcoin, backed by Eric Trump, is also on track for a Nasdaq IPO in Q3 2025, with Hut 8 retaining majority ownership.

This dual focus enables Hut 8 to manage the risks associated with the cryptocurrency market effectively and consistently generate revenues.

The company also gains a competitive advantage by utilizing renewable energy sources in its mining operations.

6. Terawulf (WULF)

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Country: United States
Stock Exchange: NASDAQ
Market Cap: $1.4 billion

Terawulf Inc., based in Easton, Maryland, is a sustainable-focused Bitcoin mining company established in 2021. Paul Prager, co-founder and CEO, leads Terawulf on a mission to prioritize green energy in the mining industry. The company operates two primary facilities: one in New York and another in Pennsylvania. Approximately 91% of its operations rely on zero-carbon energy, a strategic move aligning with its sustainability goals.

In Q1 2025, revenue hit $34.4 million—down ~19% year-over-year due to the April 2024 halving, network difficulty, and higher electricity costs—but mining capacity surged 52.5% to 12.2 EH/s, while the company held $219.6 million in cash and Bitcoin

Terawulf has faced challenges common in the volatile cryptocurrency market. In 2022, the company made headlines due to its financial struggles, taking steps to restructure and reduce debt amid fluctuations in the Bitcoin price. However, by prioritizing low-cost energy and leveraging renewable sources, Terawulf continues to position itself as a prominent figure in sustainable Bitcoin mining.

7. Cipher Mining Inc. (CIFR)

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Country: USA
Stock Exchange: NASDAQ
Market Cap: $1.3 billion

Cipher Mining Inc., founded in 2021 as a subsidiary of Bitfury, has evolved from a pure Bitcoin miner into a dual Bitcoin and AI/HPC hosting company. Headquartered in New York, Cipher operates large-scale, low-cost data centers, often built behind-the-meter at renewable sites for near-zero power rates. Its flagship facility, Black Pearl (150 MW) near Odessa, Texas, now hosts both Bitcoin hashing and AI compute operations. The company also purchased a 300 MW facility in Texas in 2025 to boost its expansion in energy-efficient data centers.

Despite Director Cary Grossman’s sale of 65,000 shares in mid-2024, which briefly raised concerns about insider confidence, Cipher Mining continued to expand its infrastructure and capabilities.

As of mid-2025, Cipher runs ~16.8 EH/s of Bitcoin capacity, targeting ~23.5 EH/s by Q3 2025. It’s also developing 2.6 GW of new capacity, which could rank it among the largest US miners. Financially, Cipher posted Q2 2025 revenue of ~$44 million and a GAAP loss (~$46 million) as it reinvests in expansion, maintaining a strong 4.2:1 current ratio and low debt.

Building on that foundation, Cipher announced a major diversification step, a 10-year partnership with Fluidstack, backed by Google, to host 168 MW of AI computing at its Barber Lake (Black Pearl) facility. Under the deal, Google is underwriting $1.4 billion of capacity and taking a small equity stake, effectively locking in a long-term tenant for Cipher’s new data center.

The company now combines Bitcoin’s high-reward potential with stable, long-term AI hosting revenues, positioning itself as a hybrid digital infrastructure leader in mining and AI compute.

8. Iris Energy (IREN)

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Country: Australia
Stock Exchange: NASDAQ
Market Cap: $2.78 billion

Iris Energy, originally founded in 2018, rebranded to IREN Limited in November 2024. Headquartered in Sydney, the firm operates Bitcoin mining and AI-optimized data centers powered entirely by renewable energy sources. Under Co-CEOs Will and Daniel Roberts, the company has expanded rapidly, with mining capacity expected to reach 50 EH/s by June 30, 2025.

While Bitcoin mining is its primary operation, Iris Energy also explores other avenues, such as data center management, reflecting its broader interest in energy-efficient infrastructure. In 2023, the company increased its mining output by 10%, further solidifying its place in the Bitcoin mining industry.

IREN also pivoted into AI and high-density computing in late 2024. Its AI-cloud vertical grew 33% quarter-on-quarter in Q3 and features liquid-cooled GPU infrastructure using NVIDIA H100s and H200s. This diversification marks a strategic shift: further mining expansion is paused after the 50 EH/s milestone, with capital reallocated to AI data centers, most notably the Horizon One and Sweetwater projects.

However, Iris Energy has faced some controversies, primarily related to the volatility of the cryptocurrency market. Like many mining firms, the company has navigated fluctuating Bitcoin prices and regulatory scrutiny. Despite these challenges, Iris Energy remains committed to sustainable practices, continuously investing in renewable power sources.

The firm’s focus on sustainability has attracted attention, positioning it as a leader in eco-friendly Bitcoin mining. It remains active in efforts to scale operations while maintaining its commitment to green energy solutions.

9. Phoenix Group (PHX)

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Country: UAE
Stock Exchange: ADX
Market Cap: $2.53 billion

Founded in 2017, Phoenix Group PLC is a leading cryptocurrency mining and blockchain technology company headquartered in Abu Dhabi, UAE. The company is led by Bijan Alizadehfard, Co-Founder and Group CEO, along with Munaf Ali, Co-Founder and Group Managing Director. Phoenix is heavily involved in Bitcoin mining, securing a $187 million deal with Bitmain, and has forged key partnerships with Whatsminer to expand its operational reach. This substantial investment has significantly increased its hash power and market share, making it one of the Middle East’s largest players in the digital mining sector.

In April 2025, Phoenix expanded its Ethiopian facility by an additional 52 MW, powered almost entirely (90%) by renewable hydropower, showcasing a growing footprint in sustainable crypto mining. This increased their total global power capacity to over 500 MW across five countries,

Phoenix is also recognized for its commitment to eco-friendly practices, integrating advanced hydrocooling to support more sustainable mining. The company completed a landmark IPO on the Abu Dhabi Securities Exchange (ADX), the first of its kind for a blockchain entity in the Middle East. This step has solidified its growing influence in the tech and finance sectors.

10. Bitfarms Ltd. (BITF)

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Country: Canada
Stock Exchange: NASDAQ
Market Cap: $480 million

Established in 2017 and based in Toronto, Bitfarms Ltd. is one of the fastest-growing companies in the Bitcoin mining industry. It has a network of several farms across Canada and is expanding in South America, where it has a massive farm in Argentina.

The company CEO, Geoffrey Morphy, oversees cost reduction and efficiency in mining processes. Bitfarms’s other strength is its ability to mine using hydroelectric power.

Cheap power allows the company to cut its operations costs and reduce its effect on the environment.

Bitfarms is one of the most active firms in this regard, and it continues to explore ways to expand its mining capacity and diversify its locations. Its focus makes it ideal for investors since it is dedicated to sustainable practices and has a growing international market.

The company isn’t without its controversies, facing significant challenges in 2024. Despite these setbacks, the company remains committed to its growth and expansion plans. One of the key strategies Bitfarms is pursuing is diversification. The company has been exploring opportunities in high-performance computing (HPC) and AI to reduce its reliance on Bitcoin mining alone. This diversification will help Bitfarms mitigate risks associated with fluctuating cryptocurrency prices and secure long-term revenue streams.

However, Bitfarms governance and leadership controversies overshadow its future plans. Riot Platforms, a major shareholder, has opposed Bitfarms’ leadership, accusing them of poor corporate governance and attempting a hostile takeover. These disputes have created significant uncertainty and distractions for Bitfarms, potentially hindering its ability to execute its growth strategy effectively.

11. Bitdeer

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Country: Singapore (HQ)
Stock Exchange: NASDAQ
Market Cap: $2.6 billion

Founded in 2021 as a spin-off from Bitmain, Bitdeer (led by Executive Chairman and CEO Jihan Wu and CBO Matt Linghui Kong) has evolved into a vertically integrated Bitcoin mining and blockchain technology powerhouse. As of Q1 2025, Bitdeer reported revenue of $70.1 million, a decline from $119.5 million, but delivered a net profit of $409.5 million, largely due to non‑cash gains. The company held $215.6 million in cash, alongside $131.1 million in crypto assets, at quarter-end.

Operational capacity has been rapidly growing: they energized 3.7 EH/s of SEALMINER A1 rigs and 0.5 EH/s of A2, reaching ~12.4 EH/s self-mining hashrate by April, aiming for 40 EH/s by October 2025. Power infrastructure now totals ~1.6 GW globally, with facilities in Norway, Bhutan, Canada, the US, and Ethiopia.

Bitdeer is also developing its own ASICs (SEALMINER A4 targeted at 5 J/TH efficiency, tape‑out in Q4 2025) and expanding into HPC/AI cloud services alongside its mining business. These moves position Bitdeer as a major, innovation-driven player among global Bitcoin miners.

12. Argo Blockchain (ARBK)

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Country: UK
Stock Exchange: NASDAQ
Market Cap: $30 million

Founded in 2017, Argo Blockchain is a UK-based cryptocurrency mining company with a global reach. Headquartered in London, Argo has quickly become one of the leading Bitcoin miners in the world. 

Peter Wall, the company’s CEO, emphasizes the importance of sustainable mining practices. Argo is making significant strides in using renewable energy sources to power its operations. While Bitcoin mining is the company’s primary focus, it has also explored mining other cryptocurrencies, such as Ethereum, thereby diversifying its revenue streams.

Argo Blockchain’s journey from 2023 to 2024 reflects strategic adjustments and operational achievements. In September 2023, Argo saw a 34% increase in Bitcoin mining production, benefiting from improved operations and power credits, marking a positive shift. The success was short-lived, as Argo had to confront new realities in 2024. 

The company sold its Quebec data center for $6.1 million to reduce debt, highlighting a strategy to maintain financial stability amid declining Bitcoin prices and production. Despite these struggles, by mid-2024, the Argo blockchain had received an upgraded status from Zacks Ranks, which reflects an upward trend in earnings estimates —a powerful force that impacts stock prices.​

13. Greenidge Generation Holdings Inc. (GREE)

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Country: USA
Stock Exchange: NASDAQ
Market Cap: $20 million

Greenidge Generation Holdings Inc. (GREE), led by CEO Jordan Kovler, is a vertically integrated company headquartered in Dresden, New York. Launched in 2014, Greenidge initially focused on natural gas power generation from a former coal-fired plant. However, in 2019, they expanded into cryptocurrency mining, becoming a major player in Bitcoin mining.

Their recent activities haven’t been smooth sailing. In August 2024, the New York Department of Environmental Conservation (DEC) denied Greenidge’s air permit renewal, citing environmental concerns. Facing closure, Greenidge sued the DEC in an attempt to keep their Bitcoin mining operations running at the Dresden plant. The legal battle highlights the ongoing debate surrounding the environmental impact of cryptocurrency mining. 

Despite these controversies, Greenidge recently announced it would begin retaining a portion of its self-mined Bitcoin, suggesting long-term confidence in the cryptocurrency’s future.

Why Are Bitcoin Mining Stocks Down?

Bitcoin mining stocks have declined due to concerns about post-halving profitability and shifting dynamics in the AI sector. The April 2024 halving reduced mining rewards, putting pressure on revenues. While miners sought stability by pivoting to AI data centers, recent pullbacks in AI investments—such as Microsoft scaling down its US and European data center projects—triggered stock drops. This highlights the growing interdependence: fluctuations in the AI market now directly impact mining valuations.

Investors are also shifting capital to bitcoin ETFs, perceiving them as safer than mining equities. Post-halving operational challenges, such as rising mining difficulty and energy costs, compound uncertainties. The dual exposure to crypto’s cyclicality and AI’s nascent volatility creates a precarious balance, making mining stocks sensitive to broader tech sector trends. This linkage highlights the importance of monitoring AI developments in tandem with crypto market cycles.

How to Analyze Bitcoin Mining Stocks: Key Metrics

To understand how strong a Bitcoin mining company is, a few key numbers matter:

• Hashrate shows how powerful the company’s mining operations are. The higher the hashrate, the more Bitcoin they can earn.
• Energy cost per Bitcoin tells you how much it costs the company to mine one Bitcoin. Lower energy costs usually mean higher profits.
• Bitcoin holdings show how much mined Bitcoin the company keeps instead of selling. This can be a sign of long-term confidence.
• Debt levels matter too. Companies with too much debt can struggle if the Bitcoin price drops.

By comparing these numbers across different stocks, investors can find the ones that are more efficient and better prepared for changes in the market.

Which Company Mines The Most Bitcoin?

AntPool, a mining pool run by Bitmain, currently leads Bitcoin mining. Although it’s not publicly traded, it receives backing from Bitmain, a major manufacturer of Bitcoin mining hardware. AntPool’s dominance stems from its extensive access to top-tier hardware, primarily Bitmain’s ASIC miners, which are considered among the most efficient in the industry.

Bitmain and AntPool

Bitmain, founded in 2013, is headquartered in Beijing, China. It is known for its powerful Antminer series – the most widely used mining hardware globally. 

AntPool, Bitmain’s mining pool, controls a substantial portion of the global Bitcoin hashrate, regularly competing with other major mining pools like F2Pool and Poolin.

According to the most recent data, AntPool has a market share of over 25% of Bitcoin mined daily. Given its private status, Bitmain does not offer shares to the public, but its massive influence on the Bitcoin mining ecosystem is undeniable.

Which Company Owns the Most Bitcoin?

MicroStrategy holds the most significant amount of Bitcoin as of 2024. While MicroStrategy is not primarily a mining company, it has aggressively accumulated Bitcoin over the past few years. 

The firm, led by its CEO, Michael Saylor, holds over 471,000 BTC.

MicroStrategy’s strategic focus on Bitcoin ownership has made it a popular investment option for investors seeking to gain exposure to Bitcoin without directly purchasing or mining it. The company’s stock is on NASDAQ under the ticker MSTR.

While MicroStrategy is the largest publicly traded Bitcoin holder, several mining companies, such as Marathon Digital and Riot Platforms, also own significant reserves. However, their Bitcoin holdings pale in comparison to those of Microstrategy.

Bitcoin mining and ownership statistics suggest that the network and cryptocurrency could be dangerously centralized. Read our comprehensive article to find out more. 

The Future of Bitcoin Mining and AI Data Centers

Bitcoin mining is adapting to reduced rewards post-halving by integrating with AI data centers. Miners are repurposing high-power computing facilities and energy resources to support AI workloads, which demand similar technical capabilities. This convergence enables mining pools to diversify their income, thereby reducing their reliance on volatile cryptocurrency markets. Existing mining facilities, often located in remote areas with robust power systems, can be retrofitted for AI tasks, thereby avoiding costly new investments.

However, managing AI operations requires complex computations and data security expertise, a departure from traditional mining skills. The demand for AI services, although currently strong, may fluctuate, potentially creating revenue instability. Regulatory scrutiny around AI ethics and data privacy also adds more complications.

Closing Thoughts

Bitcoin mining has evolved into a highly competitive industry, led by large-scale operations using advanced hardware. However, Investing in Bitcoin mining stocks has made it easier than ever for anyone to benefit from Bitcoin. These companies manage the complex mining processes, enabling investors to focus on the potential profits.

The trend is opening up opportunities for people who might have hesitated before, drawing in more investments from those looking to diversify. By investing in mining stocks, more individuals are gaining exposure to Bitcoin, which, in turn, is attracting more attention and driving growth in the broader cryptocurrency space.

With easy access and low technical barriers, Bitcoin mining stocks provide a straightforward way to participate in this rapidly growing market.