Bitcoin miners have outpaced BTC’s performance in 2025, recording gains of up to 500% as artificial intelligence (AI) reshapes the mining industry into a broader data infrastructure business. The trend has helped stabilize miner revenue and may ease sell pressure on Bitcoin in the near term.
AI Boosts Bitcoin Miner Performance
Bitcoin struggled through October, dipping below $107,000 with a weekly loss of 4.4%. Yet, mining firms surged ahead as they adapted their operations to include AI-driven computing. According to Bloomberg, the CoinShares Valkyrie Bitcoin Miners ETF has climbed over 150% year-to-date, significantly outperforming Bitcoin itself.
Companies such as Cipher Mining Inc. and IREN LTD led the rally. Cipher’s stock rose 304% in 2025, while Iren advanced more than 519%. Both firms have repositioned themselves from traditional BTC mining to AI infrastructure providers, integrating high-performance computing into their operations to create more stable revenue streams.
A Shift in Business Models
Cipher recently signed a $3 billion deal with Fluidstack to expand AI data services, while Iren completed a $1 billion convertible notes offering. These moves allow mining companies to diversify away from reliance on Bitcoin block rewards, which dropped to 3.1 BTC after the most recent halving.
This hybrid model is changing investor perception — miners are increasingly seen as technology infrastructure companies rather than purely crypto-dependent entities. The shift provides resilience during periods of market volatility, smoothing revenue even when BTC prices lag.
Bitcoin Miner Profitability and Market Impact
Despite price fluctuations, miner profitability has stayed steady since June, with the Puell Multiple hovering between 1.2 and 1.3, signaling healthy conditions. This stability has reduced the need for miners to sell BTC, lowering exchange inflows and easing short-term selling pressure.
As miner revenue stabilizes, it may create conditions for a Bitcoin rebound. Analysts point to potential upside targets near $109,000 and $113,000, though continued caution could see BTC consolidating between $105,000 and $112,000 in the weeks ahead.
