Bitcoin Miners' Market Cap Hits Record High Amid AI Boom

Bitcoin miners' market cap soared to a record high in September as firms benefited from pivoting to high-powered computing for the AI sector, according to a report from JP Morgan. The combined value of the 14 top publicly traded miners passed $50 billion for the first time ever. Miners are diversifying their businesses away from bitcoin mining towards high-powered computing to increase profits.

The combined market capitalization of major publicly traded bitcoin miners reached an all-time high of $58.1 billion in September, according to a report from The Miner Magazine. This marked a significant recovery following a spring selloff tied to U.S. import tariffs. The aggregate valuations of 15 major mining stocks rose from $41.6 billion in August to $58.1 billion in September, more than doubling from a Q2 low of $19.9 billion in March Bitcoin Mining Stocks Hit Record $58B Market Capitalization in September^[1].

The rally in equities far outpaced the performance of bitcoin itself, with the cryptocurrency gaining 21% over the past six months compared to triple- and even quadruple-digit rebounds among miners. Australia-based IREN led the surge with a 624% increase, while Cipher Mining (CIFR) and Applied Digital (APLD) also saw significant gains of 321% and 345%, respectively, driven by high-performance computing momentum Bitcoin Mining Stocks Hit Record $58B Market Capitalization in September^[1].

Other miners, including TeraWulf (WULF), Hut 8 (HUT), and Bitfarms (BITF), more than doubled in value, rising between 179% and 280% since the spring lows. Riot Platforms (RIOT) advanced nearly 147%, while HIVE gained 133% and Core Scientific (CORZ) climbed 105% Bitcoin Mining Stocks Hit Record $58B Market Capitalization in September^[1]. Even larger names such as CleanSpark (CLSK), Bitdeer (BTDR), and MARA posted double-digit returns well above bitcoin’s performance.

The surge capped a strong third quarter for the sector, with miners entering October on continued momentum. Bitcoin itself began the month on a bullish note, rebounding to $116,000 on the first day of October in what traders dubbed the latest "Uptober" rally.

Bitcoin mining has evolved significantly, with companies like Cango Inc. (NYSE: CANG) exploring the integration of high-performance computing (HPC) and green energy into their long-term growth strategies. Cango Inc. aims to build a dynamic computing platform that intelligently allocates energy between Bitcoin mining and AI workloads, integrating mining, HPC services, and green-energy trading into a synergistic and diversified revenue model The future of Bitcoin mining, sustainable high-performance computing, and AI: An Interview with Cango Inc. CFO^[2].

Cango's Q2 2025 results highlighted a milestone in its transformation, with the company achieving $139.8 million in total revenue and $117.8 million in cash reserves. This validated the effectiveness of its business model and underscored its transition toward a broader energy and HPC platform The future of Bitcoin mining, sustainable high-performance computing, and AI: An Interview with Cango Inc. CFO^[2].

As the sector continues to diversify its business models, the integration of AI tools for optimizing mining efficiency and power consumption is expected to become a key differentiator. Cango Inc. aims to leverage AI to dynamically allocate resources between BTC mining and HPC workloads, maximizing asset utilization across its hybrid energy and compute platform The future of Bitcoin mining, sustainable high-performance computing, and AI: An Interview with Cango Inc. CFO^[2].