Top 5 Bitcoin Mining Stocks Powering BTC and AI Growth

Bitcoin (BTC -2.87%) is having a great time, trading around $120,000 near its all-time highs (ATH). 

The value of $2.36 trillion market cap cryptocurrency has surged 27.8% this year so far, while being up over 100% in the past year and about 650% from the 2022 bear market low. This strong performance is driven by halving, institutional buying, a weakening US dollar, geopolitical uncertainty, and pro-crypto regulatory developments.

Bitcoin is finally gaining traction as a store of value, not only among individuals but also corporations and even governments.

What really makes Bitcoin so valuable is its digital, borderless, and decentralized nature. Instead of being controlled by one person or entity, it’s managed by a distributed network of miners, who use specialized, high-energy computers to solve complex computational problems to win the chance to add the block to the blockchain and earn (currently 3.125 BTC plus mining fees) rewards.

This process is called Bitcoin mining, by which transactions are entered on the blockchain and new coins are created.

To keep production steady, the Bitcoin network automatically adjusts difficulty every 2,016 blocks, or roughly two weeks, so that each block is mined every 10 minutes. This way, Bitcoin miners facilitate consensus, process transactions, secure the network, and circulate new coins.

So, Bitcoin mining companies directly generate BTC, that too at a cost lower than its market price, offering an attractive investment opportunity. 

These companies essentially offer a pick-and-shovel play, an investment strategy where you invest in the underlying technology required to produce goods rather than the final product. It is named after the tools used to mine gold during the California Gold Rush of the 1840s and 1850s.

In Bitcoin’s case, these mining companies provide the physical infrastructure, including data centers, ASIC machines, and power contracts, that enable Bitcoin’s existence. Rather than simply holding it, these companies profit from the process of producing BTC.

These tangible assets required to mine Bitcoin also have resale value and can be redeployed.

Not to mention, publicly traded mining stocks offer ease of accessibility as they can be bought in regular brokerage accounts with no need for wallets, exchanges, or custody. In addition to mining companies having more stable and diversified cash flows, they operate in a regulated, audited environment.

Interestingly, investing in Bitcoin mining companies not only means capturing the crypto narrative but also the hot artificial intelligence (AI) trend. 

Over the last couple of years, many of these companies have expanded their business to AI in an attempt to have a more consistent source of revenue. The pivot to AI involves leasing the space to AI clients or swapping out mining equipment for rigs to run and train AI systems itself.

This trend of Bitcoin miners getting into the burgeoning AI and HPC space, while nascent, “represents a significant merger of two high-growth tech sectors, creating a fascinating game theory dynamic,” noted the global asset management firm VanEck in its report. It added:

“As the synergies between bitcoin mining, AI/HPC, and electrical grids continue maturing—ideally in an energy-abundant, technologically progressive regulatory environment—we believe the miners in the MarketVector Digital Asset Equity Index, collectively, should be able to easily double their market capitalization by 2028, even assuming no growth in bitcoin profits.” 

So, with that, now let’s check out the top Bitcoin mining companies and their investment potential.

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1. Core Scientific – From Bankruptcy to AI-Powered Growth

With a market cap of $4.4 billion, CORZ shares are trading at $14.49, up 3.42% YTD and 116% in the past year. It has an EPS (TTM) of -0.67 and a P/E (TTM) of -21.76.

Meanwhile, with its 1,612 BTC holdings, Core Scientific stands at 30th place among the top public Bitcoin treasury companies. 

Core Scientific is one of the biggest Bitcoin miners, which was hit hard by the brutal bear market of 2022 that forced it into bankruptcy. But the company managed to make its way out with some smart decisions, including significantly reducing its debt and diversifying into high-performance computing (HPC) hosting for financial stability and growth.

For its AI diversification, Core Scientific has received the support of AI startup CoreWeave.

In June last year, Core Scientific announced that it would host over 200 megawatts of GPUs for CoreWeave. Per the terms of its agreement with the AI Hyperscaler, it is providing the majority of the capital expenditures to retrofit Core Scientific’s existing infrastructure for AI/HPC.

Around that time, its CEO, Adam Sullivan, told TIME that AI companies were making aggressive offers for using Bitcoin mining facilities. “They have started to buy up mining sites for greater prices than what Bitcoin miners are willing to pay,” said Sullivan, adding that they received an “extraordinarily high” number of requests from AI companies.

Today, CoreWeave is its biggest client, which secured a $12 billion deal with OpenAI this year, directly supporting Core Scientific’s revenue base. 

In Feb. this year, the Bitcoin miner further expanded its partnership with CoreWeave to bring an additional $1.2 billion in revenue to its Texas location by adding 70 megawatts (MW) of power to the site, raising its total critical IT load to about 260 MW. 

Together, both companies aim to build extensive high-performance computing (HPC) projects that support low-latency applications. 

In total, Core Scientific’s contracted power currently stands at an impressive 1.3 GW. The company plans to use 400 MW for its Bitcoin mining operations, while the remaining is expected to be offered for HPC hosting.

That’s not all. The company is actually undergoing buyout talks with CoreWeave, which will help it reduce lease costs and increase operational flexibility. The renewed negotiations for an all-stock acquisition valued at $9 bln, which are expected to close later this year, have reignited investor excitement.

For now, when it comes to Core Scientific’s financial position, it has reported a revenue of $78.6 million for Q2 of 2025. It includes:

• Colocation revenue of $10.6 million
• Digital asset-hosted mining revenue of $5.6 million
• Digital asset self-mining revenue of $62.4 million

The shift in focus on expanding colocation operations has increased its related revenue, but at the same time, decreased revenue from the digital asset space.

Gross profit for the period was just $5 mln while net loss was $936.8 million. The company’s liquidity position was $754.1 million during this period.

2. Riot Platforms – Power Cost Mastery in Bitcoin Mining

With a market cap of $4.1 billion, RIOT shares are trading at $11.08, up 8.81% YTD and over 53% in the past year. It has an EPS (TTM) of -0.59 and a P/E (TTM) of -18.96.

Riot Platforms is a Bitcoin mining and digital infrastructure company with its operations centred in Texas and Kentucky. The company employs innovative strategies to manage its power costs and enhance operational efficiency. 

Recently, Riot released its latest production and operations update, revealing its capability to produce 484 BTC. This marked an increase in production despite the summer months impacting hash rate utilization, highlighting the company’s resilience. 

In fact, due to participating in ERCOT’s Four Coincident Peaks (4CP) program, which is designed to manage the periods of highest electricity demand during the summer months, Riot voluntarily curtails and continues to operate in “harsher conditions.”

And still, Riot increased its production and achieved a low all-in power cost of $28 per MWh, which is yet another sign of the company’s operational advancements. 

In addition to this, Riot has been making strategic moves like the acquisition of assets owned by Rhodium at Riot’s Rockdale Facility, which unlocked 125 MW of new mining power, but more importantly, ended costly litigations.

It is with these competitive advantages in the Bitcoin mining market that Riot has accumulated 19,287 BTC, making it the 5th largest public Bitcoin treasury company. 

In addition to its massive BTC holdings thanks to operating North America’s largest Bitcoin mining facility by developed capacity, Riot continues to advance its data center strategy, with new appointees to help it transition to potential AI/HPC use-cases.

For this, the company is making site expansions and infrastructure upgrades. Just last week, the company acquired an additional 238 acres at its Corsicana site to bring its data center campus to a total of 858 acres. Equipped with 400MW of power for Bitcoin mining, Riot aims to enhance its full capacity to a total of 1GW with the aim to “accommodate various data center designs and development plans.”

Amidst operational improvements and progress in its ambitious AI plans, the company’s 2Q25 results show $219.5 million in net income, which was “exceptionally strong.” Revenue was $153 million, mainly driven by an $85.1 million increase in Bitcoin mining revenue. During this period, it produced 1,462 BTC.

The quarter ended with $141.1 million in working capital.

“With a robust balance sheet, battle-hardened teams, and significant access to capital markets, we are uniquely positioned at the intersection of surging high-performance computing demand and Bitcoin growth to maximize utilization of our significant power capacity, expand thoughtfully, and drive compelling long-term value for our shareholders.”

– CEO Jason Les

3. MARA Holdings – Strategic Bitcoin Accumulation Leader

MARA is known for its focus on Bitcoin mining at a large scale, using high-powered hardware and data centers. Its massive mining operations, along with partnerships with energy providers, allow it to mine cryptocurrency more efficiently and at lower energy costs.

It is actually the largest Bitcoin mining company by market cap of $5.8 billion, with MARA’s shares as of writing trading at $15.53, down 6.62% YTD and up 14% in the past year. It has an EPS (TTM) of -1.19 and a P/E (TTM) of -13.16.

Unlike many miners that regularly sell the Bitcoin that they produce to cover operating costs, MARA takes a more strategic approach.

It uses its Bitcoin holdings for lending, trading, and collateralized credit lines, allowing it to generate value without any immediate sales. The company reported no BTC sales in July, reflecting the focus on long-term value creation amidst the ongoing bullish market momentum.

Interestingly, MARA also actively buys Bitcoin. A $950 million 0% convertible note issuance, which is due 2032, was closed late last month to help fund its BTC accumulation as well as retire existing debt, in turn, strengthening its balance sheet.

Just a few months before that, MARA had announced a $2 billion stock offering for the same purpose, after it achieved success with its previous fundraising, which yielded $1.4 bln.

This strategy has helped the company’s assets rise to 50,639 BTC, making it the 2nd largest publicly traded Bitcoin treasury company after Michael Saylor’s Strategy, whose Bitcoin stash stands at a whopping 628,946. In fact, Strategy’s master plan is serving as MARA’s blueprint for Bitcoin accumulation. 

MARA is also profitable. For the second quarter of this year, it reported a revenue of $238.5 million and net income of $808.2 million, driven by a vertical integration strategy that enables it to own and operate 70% of its sites, which has reduced its electricity costs and improved operational efficiency. 

At the end of June 2025, it also held over $5 billion in liquid assets.

To stand out in the competitive crypto mining landscape, MARA also scales aggressively, deploying mining rigs in strategic US locations. This year, MARA has fully energized 25 MW of stranded gas to power its Bitcoin mining operations and will soon also begin energizing the data center at its Texas wind farm. With these moves, the company is aiming to achieve 75 EH/s hashrate by the end of this year with a 3-gigawatt low-cost power pipeline.

In order to diversify its businesses, Mara is also making its move into AI. For this, it has expanded its Ohio data center to 100 MW to facilitate AI applications.

This week, MARA also announced that it is acquiring a 64% stake in EDF’s subsidiary Exaion for $168 million. The acquisition will provide MARA with scalable computing solutions and blockchain-AI integration opportunities.

4. CleanSpark – Pure-Play BTC Mining Efficiency

This one, unlike others on this list, is a pure Bitcoin mining play with no involvement in AI or HPC. CleanSpark operates a portfolio of mining facilities across the US, powered by globally competitive energy prices.

With a market cap of $2.7 billion, CLSK’s shares are currently trading at $9.72, up 7.17% YTD and up 4% in the past year. It has an EPS (TTM) of 0.86 and a P/E (TTM) of 11.46.

CleanSpark is among the top 10 Bitcoin treasury companies with 12,703 BTC holdings.

The company’s Bitcoin treasury surpassed $1 bln in value, without raising any funding through equity offerings in over eight months.

“These results show we’re not just scaling, we’re doing so efficiently, responsibly, and profitably.”

– CEO Zach Bradford

In total, CleanSpark has about $3.1 billion in assets. Besides nearly $2 bln in Bitcoin and mining assets, it held $34.6 million in cash against total liabilities and debt of about $1 billion.

This quarter, the company funded its operational expenses entirely through monthly bitcoin production, selling 401.39 BTC in April, 293.50 BTC in May, and 578.51 BTC in June, while also expanding its bitcoin treasury.

The Bitcoin miner boasts high operational efficiency with a low energy consumption rate and excellent uptime, helping it achieve revenue growth and maintain a strong financial position.

CleanSpark actually reported its strongest quarter to date, with revenue for Q3 ended June 30, 2025, hitting $198.6 million. Net income also soared to $257.4 million while earnings per share came in at $0.78.

Calling it the “most successful quarter in CleanSpark’s history,” Bradford attributed this performance to the company’s strategic expansion, which included achieving a momentous 50 EH/s of active hashrate. 

With these numbers, it has become the first one to achieve this just with American infrastructure, noted Bradford. CleanSpark is now managing 5.8% of the global hashrate.

5. Hut 8 Corp – Expanding into AI Infrastructure

With a market cap of $2.17 billion, HUT 8’s shares are currently trading at $20.57, up 0.39% YTD and up 115% in the past year. It has an EPS (TTM) of 1.22 and a P/E (TTM) of 16.88.

Hut 8 is the 11th largest Bitcoin treasury company with 10,667 BTC holdings. This substantial strategic reserve of Bitcoin provides it with a strong foundation in a volatile market.

The company develops, commercializes, and operates the critical infrastructure underpinning the breakthrough technologies, including Bitcoin mining and high-performance computing. Its platform spans 1,020 megawatts of energy capacity across 15 sites in the US and Canada. This diversified business model creates a more stable and diverse revenue stream. 

For the second quarter, Hut 8 reported revenue of $41.3 million and net income of $137.5 million. This consisted of $34.3 million in Compute revenue, $5.5 million in Power revenue, and $1.5 million in Digital Infrastructure revenue.

During this quarter, the company also reported strategic wins across its Power and Digital Infrastructure segments. This includes an increase in the share of energy capacity to nearly 90% at quarter-end, driving a shift from merchant exposure to long-term, contracted fees.

Hut 8 has also obtained five-year capacity contracts with the Ontario Independent Electricity System Operator (“IESO”) for 310 MW of power generation assets.

Much like most others on this list, Hut 8 is making its way into the AI space to meet the surging demand for compute capacity. To fund its AI expansion, Hut 8 raised $150 million from investment firm Coatue last year. According to the firm:

“Hut 8 believes it can leverage its proven ability to develop and operate complex energy infrastructure to address unmet demand and emerge as a leader in the AI infrastructure market.”

Its advanced AI data center development opportunities comprise 430 MW of total capacity. This includes River Bend, a 592-acre campus in Louisiana, which Hut 8 aims to expand from 300 megawatts to 1 gigawatt. The construction on this $12.5 billion data center began this week. It is also building a 50 MW plant in Illinois.

When it comes to Hut 8’s financial positions, it ended the quarter with $216 million in cash. Meanwhile, its Bitcoin-backed credit facility with Coinbase was extended to up to $130 million with a fixed interest rate of 9%.

Conclusion

So, these are public Bitcoin mining companies with great investment potential, with their efficiency and profitability, aggressive BTC accumulation strategy, and diversification into AI infrastructure. These companies are no longer just leveraged bets on BTC price but are evolving into power-intensive compute providers with tangible assets, long-term contracts, and multiple revenue streams. 

With Bitcoin trading at new highs and AI demand accelerating, these miners offer a unique exposure to the fastest-growing tech sectors, making them potentially key players in the digital economy.