Bitcoin mining in 2025: IREN claims the crown as Bitdeer's stock trails the pack

Diversification into AI and HPC infrastructure drove sharp outperformance for miners, while pure-play bitcoin miners lagged. What to know : IREN emerged as the clear standout with roughly +300% year-to-date gains while Bitdeer was the sector’s biggest laggard. AI focused miners like IREN, Cipher and Hut 8 delivered triple digit gains, supported by GPU cloud deals, hyperscaler partnerships and long-term data center leases. Bitcoin pure-play miners such as Marathon, CleanSpark, Riot and Bitdeer underperformed, highlighting that BTC holdings alone were not enough to offset weaker earnings, execution issues and delayed AI strategies.