By Bitcoin Mining Stocks Are Ripping To New Highs — Here’s Why
Bitcoin mining stocks have been on the rise in recent months, and today’s gains continue that momentum.
This sector-wide rally has pushed the combined market capitalization of major miners to over $90 billion — more than double levels from just two months ago.
Leading the charge today is Bitdeer Technologies (BTDR), whose shares jumped as much as 30% early Wednesday to $27.31, hitting their highest level in over a year. The Singapore-based miner reported a 32.9% increase in realized hashrate in September, fueled by the deployment of its proprietary mining rigs, making it the world’s fifth-largest public Bitcoin miner.
Bitdeer also mined 452 BTC in September, a 20.5% rise from August, and its self-mining hashrate now stands at 35 exahashes per second (EH/s), with a target of 40 EH/s by month’s end.
Bitcoin mining stock success
The monthly momentum has spread across nearly the entire Bitcoin mining sector. Iren (IREN) recently rose sharply following the close of a $1 billion convertible note offering and two major price target hikes.
Cipher Mining (CIFR), CleanSpark (CLSK), and Bitfarms (BITF) all posted double-digit weeks so far, with many names testing or setting new 52-week highs.
Much of the Bitcoin mining sector is substantially in the green over the week, with the likes of Applied Digital ($APLD) and Cipher Mining jumping 3-4x in the last year.
Industry analysts point to growing investor interest in vertically integrated miners that combine ASIC design, self-mining operations, and AI or high-performance computing (HPC) capabilities.
Bitdeer is actively expanding its AI and HPC footprint. The company is converting several of its North American mining facilities into hybrid data centers capable of hosting AI workloads. Its Clarington, Ohio site is planned to eventually handle both Bitcoin mining and AI compute, while its Tydal Phase 2 site is slated for conversion into an AI data center by Q4 2026.
Bitdeer also plans to operate more than 200 MW of AI computing load in Southeast Asia by next year, potentially generating over $2 billion in annualized revenue.
Other notable moves recently included Canaan, which gained over 50% in the last week after securing a 50,000-unit miner order and expanding its pilot gas-to-power mining project in Canada. Applied Digital and Hut 8 also posted solid gains, reflecting broad-based enthusiasm for the sector.
Overall, the Bitcoin mining industry is in the midst of a major rotation, with investors favoring miners that can leverage AI, HPC, and high-efficiency mining fleets.
