For the first time in nearly two years, public mining companies' stocks are growing faster than Bitcoin itself. According to Ecoinometrics, since September 2025, the growth rates of the sector's stock prices have surpassed BTC dynamics, demonstrating independence from the crypto market.
The traditional dependence of miners' stocks on Bitcoin's exchange rate has weakened. Industry leaders — Iris Energy (IREN) and Cipher Mining (CIFR) — have successfully redirected part of their computing power from BTC mining to artificial intelligence (AI) and high-performance computing (HPC) tasks. Their data centers, previously operating solely on proof-of-work, now serve generative AI startups and cloud platforms.
Iris Energy: stock growth +535% YTD (as of 10/29/2025). AI revenue in Q3 — $3.6 million (2.5% of total, 33% growth quarter over quarter). The company launched AI Cloud based on NVIDIA H100.
Cipher Mining: growth +312% YTD, $3 billion (10-year) contract with Fluidstack and Google Cloud for HPC.
The total capitalization of the 14 largest public miners reached $58.1 billion in September — a record growth of 43% over the month, despite BTC stagnation.
Profitability. Renting GPUs for AI generates up to 25 times more revenue per kWh than mining, with a margin of 20–30%.
Revenue Stability. Diversification reduces dependency on BTC volatility (YTD: +22%). Long-term AI contracts provide predictable cash flow.
Investor Interest. Hybrid miners show growth of +150%+ YTD — 7 times higher than Bitcoin. The sector attracts institutional investors: BlackRock increased its stake in IREN.
Mergers Trend. Bitfarms (+211% YTD), CleanSpark, and Core Scientific follow the leaders by reallocating resources for AI. A wave of M&A in the hybrid segment is expected.
The growth of miners' stocks is not a reflection of a BTC rally, but the result of strategic transformation. The infrastructure built for blockchain is becoming critically important for the AI boom. The industry is evolving: mining is turning into a hybrid technology platform where resources are distributed according to market demand — between cryptocurrency and artificial intelligence. Analysts predict that by 2027, up to 40% of public miners' capacities will be utilized in AI.