Bitcoin mining has become a thing of the past; is AI the new trend?

Chapter 1: Executive Summary and Industry Landscape Analysis

As of December 19, 2025, the global digital asset mining sector is undergoing the most profound structural transformation since the birth of Bitcoin. Following Bitcoin's price hitting a historical high of approximately $125,000 in October 2025 and then retracing to the $86,000 range, along with the network's total hash rate surpassing the 1,000 EH/s mark, mining companies are facing a dual challenge of compressed profit margins and a surge in capital expenditures in the “post-halving era.”

1.1 Industry Differentiation Pattern

Figure 1: Analysis of the Relationship Between Mainstream Mining Companies' Hash Rate and Market Value in 2025

The above image clearly shows the current differentiation trend in the industry. Based on operational data analysis, the industry has formed two major camps:

First Camp: Bitcoin Standardists

• MARA Holdings: Hashrate 60.4 EH/s, Market Cap 3.8 billion USD
• CleanSpark: Hashrate 50.0 EH/s, Market Cap $2.86 billion
• Riot Platforms: Hashrate 36.6 EH/s, Market Cap 4.1 Billion USD Second Camp: AI Transformation Pioneers
• IREN Ltd: Hashrate 50.0 EH/s, Market Cap 10.37 billion USD
• Core Scientific: Hash rate of 19.3 EH/s, market value of 4.5 billion USD
• Cipher Mining: Hashrate 23.6 EH/s, Market Cap 5.7 billion USD

1.2 Strategic Transformation Weight Analysis

Figure 2: Distribution Matrix of Mining Business Weight

From the analysis of business weight, it can be seen that IREN, Core Scientific, and Cipher Mining have reached scores of 9, 9, and 8 respectively in AI/HPC business weight, indicating that their strategic focus has shifted towards the high-performance computing field. Meanwhile, MARA Holdings and CleanSpark still maintain a high weight of 9-10 points in their Bitcoin business.

Chapter 2: Comparison of Core Enterprise Financial Performance

2.1 Comprehensive Evaluation of Financial Performance

Figure 3: Comprehensive Comparison of Mining Company Financial Performance (2025)

Financial data shows significant divergence:

Revenue Performance Leading Companies:

• IREN: Quarterly revenue of $240.3 million, a year-on-year increase of 355%
• MARA: Quarterly revenue of $252.4 million, a year-on-year increase of 92%
• Riot Platforms: Quarterly revenue of $180.2 million, a year-on-year increase of 112%. Profitability Analysis:
• IREN: Net profit of $384.6 million, P/E ratio of 18.9
• CleanSpark: Net profit of $364.5 million, P/E ratio of 12.7
• MARA: Net profit of $123.1 million, P/E ratio of 21.6 Market Performance:
• IREN: Up 267% year-to-date, the best performer
• Bitfarms: up 90% since the beginning of the year
• Hut 8: 85% increase year-to-date
• MARA: Down 7% year-to-date

Chapter 3: In-depth Industry Insights and Trend Analysis

3.1 Fundamental Shift in Valuation Logic

Traditional mining enterprise valuation models are mainly based on the leverage effect of Bitcoin prices, but data from 2025 shows that companies with AI businesses are starting to exhibit independent market trends.

Core Findings:

1. Revaluation of Power Asset Value: IREN has 3GW of power reserves and has secured a $9.7 billion AI cloud services agreement with Microsoft.
2. Time Arbitrage Value: Mining companies transforming into AI data centers save 3-5 years compared to new construction projects.
3. Infrastructure Premium: Cipher has signed a $5.5 billion 15-year lease with AWS, fundamentally changing the valuation logic.

3.2 Efficiency Watershed and Survival Threshold

With the total network hash rate exceeding 1,000 EH/s, fleet energy efficiency has become a key survival metric:

First Tier (15-16 J/TH):

• IREN: 15 J/TH
• CleanSpark: 16.07 J/TH Second Tier (20-25 J/TH):
• Riot Platforms: 20.5 J/TH
• Core Scientific: 24.8 J/TH

3.3 Capital Expenditure and Equity Dilution Risks

To support the AI transformation, major mining companies conducted large-scale financing in 2025:

• IREN: Completed $1 billion and $2.3 billion convertible bond financing
• CleanSpark: Raised hundreds of millions through convertible bonds
• Bitfarms: Completed a billion-dollar financing
• This financing strategy, while addressing the issue of construction funds, also brings potential risks of equity dilution.

Chapter 4: Key Data Statistics and Standardized Indicators

4.1 Core Operational Metrics Comparison

4.2 Strategic Transformation Scoring Matrix

Chapter 5: 2026 Outlook and Investment Recommendations

5.1 Three Major Core Trends

Trend 1: AI Revenue Realization Period

The substantial contract between IREN and Cipher will begin to contribute significant revenue in 2026, and the market will test these companies' ability to operate Tier 3/Tier 4 level AI data centers.

Trend 2: Industry Integration Accelerates

As small and medium-sized mining companies find it difficult to reduce costs through economies of scale, industry consolidation will accelerate. Companies like Bitfarms have become potential acquisition targets.

Trend Three: The Importance of ESG Compliance is Increasing

Mining companies with a background in renewable energy (such as IREN, CleanSpark) will have an advantage in environmental compliance.

5.2 Investment Strategy Recommendations

Radical Growth Type: IREN + Core Scientific

• Suitable for investors seeking high risk and high returns.
• Provide dual exposure to Bitcoin + AI
• But attention must be paid to execution risks and equity dilution Stable Value Type: CleanSpark
• The pure mining execution power is the strongest
• Fleet efficiency industry leading
• Suitable for investors seeking stable returns Leverage Game Type: MARA Holdings
• Bitcoin's largest leveraged asset
• Suitable for investors who are bullish on Bitcoin prices.
• Must bear high volatility risk Infrastructure Defense Type: Cipher Mining
• Long-term AWS contracts provide stable cash flow
• Infrastructure assets with defensive attributes
• Suitable for risk-averse investors

Chapter Six: Conclusion

The end of 2025 marks the conclusion of the “wild era” of digital asset mining. The industry is evolving into an “energy computing complex,” where power infrastructure, AI transformation capabilities, and operational efficiency become core competitive factors.

Core Conclusion:

1. The valuation logic has shifted from the beta coefficient of Bitcoin to the value of infrastructure.
2. The ability to transform with AI has become a key factor in market capitalization differentiation.
3. Fleet efficiency determines the survival threshold of the enterprise.
4. Power reserves have become the most essential strategic resource.

The year 2026 will be the realization period for these transformation strategies, and the market will reassess the true value and long-term competitiveness of these companies.

Disclaimer: This report is based on publicly available market data and third-party research materials and does not constitute any investment advice. The cryptocurrency and related stock markets are highly volatile, and investors should independently assess the risks.