Executive Summary
The Story So Far
Why This Matters
Who Thinks What?
Bitcoin mining stock prices experienced a broad decline for the second consecutive week, extending a recent sell-off as the sector shows signs of cooling after a period of significant growth. The downturn, observed across most major mining companies, occurred in the week leading up to October 24, 2025, despite an otherwise eventful month marked by substantial investments and strategic shifts within the industry.
Market Performance This Week
Only two companies, Cipher Mining and Riot, managed to post modest gains this week, rising by +3.3% and +1.71% respectively. The vast majority of firms, however, recorded price drops, including 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%).
This marks two consecutive negative weeks for the sector as a whole. Despite the recent dip, most bitcoin mining stocks, with the exception of MARA, still show double-digit returns on a monthly basis.
October’s Industry Developments
October has been characterized as a “watershed month” for the bitcoin mining industry, marked by major funding rounds, strategic hires, and notable investor stakes. Sophisticated investors have shown increased interest, with Jane Street disclosing a 5.4% stake in Bitfarms and a 5.0% holding in Cipher Mining.
Expansion and Funding Initiatives
Bitfarms successfully closed an upsized $588 million convertible notes deal to finance North American AI and high-performance computing (HPC) infrastructure, alongside its mining operations. Hive Digital secured a 100 MW hydroelectric expansion in Paraguay, part of a strategic push to reach 35 EH/s by 2026, and partnered with Bell Canada to quintuple its sovereign AI cloud capacity. Additionally, Galaxy Digital reported a substantial $505 million profit in the third quarter.
Executive Shifts and AI Focus
The month also saw significant executive changes and a growing focus on artificial intelligence. MARA ousted its CTO amid scrutiny over its power-management services and off-grid growth plans, a move that reinforced analyst skepticism about its AI-inference ambitions. CleanSpark broadened its remit beyond traditional bitcoin mining, appointing industry veteran Jeffrey Thomas as SVP of AI Data Centers to spearhead the development of GPU-accelerated facilities in Georgia and other locations.
Analyst Outlook
JonesResearch provided updated ratings on October 20, issuing “Hold” recommendations for Cipher, IREN, MARA, and CleanSpark. Conversely, “Buy” recommendations were given to Hut 8, TeraWulf, and Riot Platforms. This comes as capital continues to flow into the sector, with proceeds increasingly deployed into HPC infrastructure to meet the rising demand for AI compute.
Key Takeaways
The recent two-week decline in bitcoin mining stock prices indicates a potential cooling period for the sector, even as underlying fundamentals suggest a robust and evolving industry. With significant investments in AI and HPC infrastructure, the bitcoin mining landscape continues to adapt, signaling a strategic shift beyond pure cryptocurrency mining.
