Weekly mining sector update 7/18/25

Weekly Update: Publicly Traded Bitcoin Miners (July 12–18, 2025)

The Bitcoin mining sector has been buzzing with activity this week, driven by Bitcoin’s price rally and evolving market dynamics. Here’s a snapshot of the latest developments among publicly traded Bitcoin miners.

Bitcoin Price Surge and Its Ripple Effect

Bitcoin broke through the $120,000 mark on July 14, peaking at $123,000 during the trading session. This milestone has reignited investor interest in mining stocks, many of which saw a rebound in their valuations. However, the volatility of these stocks remains higher than Bitcoin itself, reflecting the unique challenges and opportunities in the mining sector.

Top Performers and Market Trends

1. Marathon Digital Holdings (MARA)
   • Market Cap: $6.74 billion
   • Hash Rate: 54.3 EH/s
   • Bitcoin Holdings: 49,179 BTC
     Marathon continues to lead the pack as the largest Bitcoin miner globally. Its hybrid strategy of mining and purchasing Bitcoin has allowed it to optimize costs and maintain competitiveness.
2. Riot Platforms (RIOT)
   • Market Cap: $4.44 billion
   • Hash Rate: 33.7 EH/s
     Riot’s focus on mining and data center hosting has paid off, with its Bitcoin production recovering to pre-halving levels.
3. Iris Energy (IREN)
   • Market Cap: $4.07 billion
   • Hash Rate: 50 EH/s
     IREN’s commitment to sustainable energy has positioned it as a rising star.
4. CleanSpark (CLSK)
   • Market Cap: $3.55 billion
   • Hash Rate: 50 EH/s
     CleanSpark’s focus on low-carbon power and increasing miner capacity has bolstered its performance.
5. Core Scientific (CORZ)
   • Market Cap: $3.73 billion
     Core Scientific faced challenges this week, with its stock trading at $12.51. Despite lagging behind peers, the company remains a significant player in the industry.

Key Industry Insights

• Hashprice Volatility: Bitcoin’s hashprice hit a one-year high of $64/PH/s before retreating due to an 8% difficulty hike.
• Network Curtailments: Heatwaves in the U.S. temporarily reduced network capacity by over 130 EH/s, impacting miners’ realized hash rates.
• Consolidation Trends: The top four mining firms now account for nearly 20% of monthly block rewards, highlighting increasing centralization.

Challenges and Risks

While the sector shows promise, investors should remain cautious. The upcoming Bitcoin halving in 2024 will reduce mining rewards, potentially squeezing margins. Additionally, the fixed supply of Bitcoin and rising competition could limit long-term growth for mining companies24.

Conclusion

This week underscored the dynamic nature of the Bitcoin mining industry. As Bitcoin’s price continues to climb, miners are racing to optimize operations and capture market share. For investors, the key lies in identifying companies with robust strategies and sustainable growth potential.

About The Author