Group 1 - Hive Digital experienced a decline of 6.3% [1] - Terawulf saw a drop of 5.0% [1] - Bitfarms and Bitdeer both fell by 4.6% [1] - Cipher Mining decreased by 4.7% [1] - Riot Platforms and Strategy both dropped by 2.7% [1] - CleanSpark declined by 4.0% [1] - Coinbase Global fell by 2.7% [1] - MARA Holdings decreased by 2.6% [1] Group 2 - The largest cryptocurrency, Bitcoin, dropped by 2.8% to a price of $103,553, marking a new low in over two weeks [1]

Core Insights - The valuation logic of Bitcoin mining companies is being fundamentally reshaped as they transition into power suppliers for AI, detaching their stock performance from the volatile cryptocurrency market [1][5][6] - Major partnerships with tech giants, such as Iren's $9.7 billion deal with Microsoft and Cipher Mining's $5.5 billion agreement with AWS, have significantly boosted their stock prices [1][3] Market Dynamics - Bitcoin mining companies are no longer viewed merely as Bitcoin producers but as critical infrastructure providers in the AI wave, especially as Bitcoin prices drop below $107,000 [3][4] - The mining economy is deteriorating, with the Bitcoin halving last year reducing miner rewards and increasing network difficulty, which has pressured profit margins [3][4] Financial Performance - Bitcoin miners' revenue metrics are nearing historical lows, and even recent Bitcoin price highs have not significantly improved unit revenues for mining companies [4] - The stock prices of Bitcoin mining companies are increasingly reflecting their prospects in high-performance computing (HPC) and AI rather than their mining operations [5][6] Investment Trends - Investors are primarily valuing these companies based on HPC/AI opportunities, with discussions about Bitcoin mining accounting for less than 10% of their conversations [6] - Funds tracking publicly listed Bitcoin mining companies have surged over 150% this year, significantly outpacing Bitcoin's 14% increase [6] Competitive Advantage - Bitcoin mining companies possess a critical competitive advantage with their ability to provide "immediate power," as they have existing grid connections and large-scale power supply capabilities [7] - The U.S. faces a significant power shortage for data centers, with predictions indicating a shortfall of 5 to 15 gigawatts by 2028, making the existing power resources of Bitcoin miners invaluable [7]

Market Overview - Bitcoin mining stock prices experienced a decline this week, continuing the downward trend from the previous week as the sector cools off after a record run [1][3] - Only two companies, Cipher Mining and Riot, saw stock price increases of 3.3% and 1.71% respectively, while the majority of bitcoin mining stocks reported losses [2] Stock Performance - The following companies reported stock price declines: Core Scientific (-0.44%), IREN (-1.22%), Hive (-1.63%), MARA (-4.91%), TeraWulf (-5.12%), Hut 8 (-8.22%), CleanSpark (-8.79%), Bitdeer (-9.78%), and Bitfarms (-14.71%) [2] - Despite the recent declines, bitcoin mining stock prices remain up on a monthly basis, with all but MARA showing double-digit returns [3] Industry Developments - October has been significant for bitcoin mining, with major funding rounds, strategic hires, and investments from sophisticated investors [4] - Jane Street disclosed a 5.4% stake in Bitfarms (29.9 million shares) and a 5.0% holding in Cipher Mining (19.7 million shares) [4] Company Initiatives - Bitfarms closed a $588 million convertible notes deal to fund North American AI and HPC infrastructure alongside its mining operations [5] - Hive Digital secured a 100 MW hydroelectric expansion in Paraguay, aiming for 35 EH/s by 2026, and partnered with Bell Canada to increase its AI cloud capacity [5] - CleanSpark appointed Jeffrey Thomas as SVP of AI Data Centers to lead the development of GPU-accelerated facilities [6] Executive Changes - MARA ousted its CTO amid scrutiny over its power-management services and off-grid growth plans, raising analyst skepticism about its AI-inference ambitions [6] Analyst Ratings - JonesResearch issued ratings on October 20, recommending "Hold" on Cipher, IREN, MARA, and CleanSpark, while giving "Buy" recommendations for Hut 8, TeraWulf, and Riot Platforms [7]

Market Performance - Bitcoin mining stock prices experienced significant declines, with major companies like Bitfarms down by 27.1% and Hut 8 by 25.2% on a single day [2] - Despite the recent selloff, bitcoin mining stocks are still up on a monthly basis, with most companies showing double-digit increases [3] Industry Trends - The decline in stock prices follows a period of rapid growth as companies explore AI and high-performance computing (HPC) business lines [4] - Core Scientific is leading the AI race among bitcoin miners and is awaiting a shareholder vote on a proposed all-stock merger with CoreWeave [5] Competitive Landscape - Companies like IREN, TeraWulf, Hive, and Cipher Mining are emerging as strong competitors by forming partnerships with AI tenants or developing their own cloud computing capabilities [5] - Other firms, including Bitfarms, Riot, Bitdeer, and CleanSpark, are also establishing AI business lines but lack significant cornerstone deals [6] Fundraising Efforts - The transition to AI-focused operations is costly, prompting aggressive fundraising efforts; TeraWulf recently closed a $3.2 billion secured note, the largest for a bitcoin miner, while Bitfarms secured a $588 million convertible note [7] Analyst Ratings - JonesResearch has issued hold ratings for Cipher, IREN, MARA, and CleanSpark, while buy ratings were given to Hut 8, TeraWulf, and Riot, driven by positive sentiment around AI infrastructure development [8]

Industry Trends - Crypto mining sector saw Bitdeer launch a new generation of mining machines [1] - Tech giants like Google and Nvidia increased investment in data centers and AI infrastructure [1] - KuCoin introduced a cloud mining platform [1] - Several Hong Kong-listed companies entered or expanded their mining operations [1]

Benchmark sees Bitdeer’s in-house AI expansion improving margins and speeding revenue timeline https://t.co/939Ra2dN2S ...

⚡ UPDATE: Bitdeer increased its pure holdings to 2,126.8 $BTC. https://t.co/XggBz9SteE ...

Market Performance - Bitcoin mining stock prices exhibited mixed performances, with leading stocks nearly evenly split between gainers and losers [1] - As of October 17, 2025, Bitdeer significantly outperformed the sector with a gain of 29.84%, while Hut 8, Bitfarms, Cipher Mining, and MARA also posted positive returns [2] - Monthly performance showed all stocks in the cohort increased by double-digit percentages [3] Investor Interest and AI Exposure - Investor appetite for AI exposure has bolstered bitcoin mining stock prices, with most companies proposing strategies to enter AI/HPC infrastructure or compute services [4] - Notably, MARA is the exception among these companies in pursuing AI initiatives [4] Financing and Strategic Deals - Companies are actively pursuing financing to support their AI goals, with TeraWulf and IREN drawing on $3.2 billion and $1 billion convertible notes, respectively, and Bitfarms proposing a $300 million convertible note [5] - This fundraising is aimed at capital expenditures (CAPEX) for AI business lines [6] - IREN announced a multi-year deal to provide cloud services, estimating $500 million in annual recurring revenue, while most bitcoin miners are focusing on building infrastructure for GPU operators [6]

Cryptocurrency Mining Industry Trends - Hash price 下跌至 47 美元/PH/天以下 [2] - Bitcoin 挖矿难度调整下降 2.5% [2] Company Performance & Strategy - Bitdeer 九月份挖矿产出 452 BTC，环比增长 20.5% [2] - Bitdeer 预计从 2026 年开始，AI 业务年收入将达到 20 亿美元 [1][2] - Marathon 公司悄然更换 CTO [1][2] AI & Data Center Investments - BlackRock 牵头以 400 亿美元收购 Aligned Data Centers [1][2] - Ionic Digital 获得 240 兆瓦 Microsoft 租赁，可扩展至 1.2 吉瓦 [1][2] Regulatory & Legal - 美国政府查获价值超过 141 亿美元的 Bitcoin，可能总计达 165 亿美元，涉及国际诈骗活动 [1][2] Energy & Infrastructure - PJM（美国区域输电组织）到 2045 年需要 43 吉瓦的电池存储 [2]

For most hardware makers, there aren’t any easy answers to a slowdown in buyer demand. But in the highly esoteric business of Bitcoin mining, upstart manufacturers such as Bitdeer have an ace up their sleeve: they can deploy their machines themselves https://t.co/itFtkUVbc1 ...