🤖 Bitcoin Miners Hit $39B Market Cap as AI Push Gains Momentum

The market cap of top publicly traded Bitcoin miners tracked by JP Morgan surged to a record $39b in August, driven in part by companies expanding into high-performance computing (HPC) for artificial intelligence.

While mining Bitcoin has become less profitable due to rising difficulty and smaller rewards post-halving, miners like Hut 8 and Hive Digital are diversifying into AI-powered data centers to secure new revenue streams.

However, some industry voices, like Compass Mining, remain cautious, arguing that demand for HPC may not yet justify the pivot. Despite challenges, miners are scaling operations and exploring strategies to balance BTC production with the growing appetite for compute power.

🗞️ In the News

• 🇺🇸 Trump Family Crypto Stake Hits $5b After WLFI Unlock
  World Liberty Financial unlocked 24.6b WLFI tokens Monday, valuing the Trump family’s holdings at ~$5b. The project, tied to President Trump and his sons, saw WLFI spike to $0.40 before sliding to $0.21 (today $0.1856)

• 🇺🇸 American Bitcoin Expands Hashrate 2.4x to 24 EH/s
  American Bitcoin boosted installed capacity from ~10 EH/s to ~24 EH/s by energizing ~14 EH/s across ~16,300 ASICs, achieving ~16.4 J/TH efficiency. The company mines BTC at ~50% of market cost, reinforcing its structural advantage over purchase-only treasury vehicles. New capacity is deployed at Hut 8’s 205 MW Vega data center with advanced liquid-cooled ASIC servers.

• 🟣 BitMine Amasses 1.86M ETH, Largest Corporate Ether Treasury
  BitMine Immersion Technologies revealed holdings of 1.87m ETH (~1.6% of supply) worth $8.1b, alongside 192 BTC and $635m cash, totaling $8.98b. All ETH was spot-bought with no debt. Shares rose 41% in the past month, boosted by ARK Invest’s $300m stake, cementing BitMine as the world’s largest corporate Ether holder.

• 🐶 CleanCore Dives 60% on $175m Dogecoin Treasury Pivot
  Nebraska-based CleanCore Solutions unveiled plans to become a Dogecoin treasury company with a $175m raise backed by Pantera, GSR, FalconX, and Borderless. The move is led by new chairman Alex Spiro, Elon Musk’s longtime attorney, alongside Dogecoin Foundation and House of Doge execs. Shares plunged 60% on the news, while DOGE is down 33% YTD.

🗞️ Miner Updates

📈 August Production

🦘 Cango

• Cango produced 663.7 BTC in August 2025, a slight increase from 650.5 BTC in July, reflecting steady production growth

• Daily average production reached 21.41 BTC, compared to 20.99 BTC the previous month, showing improved operational consistency

• The company’s Bitcoin treasury expanded to 5,193.4 BTC as of August month-end, passing the symbolic 5,000 BTC milestone

• Deployed hashrate held steady at 50 EH/s, while the average operating hashrate rose 6.9% month-over-month from 40.91 EH/s to 43.74 EH/s

• Efficiency improvements came from fleet maintenance, upgrades of older miners to new-generation models, and a disciplined ramp-up strategy

• Cango acquired a 50 MW Bitcoin mining facility in Georgia, USA, to strengthen its infrastructure and geographic footprint

• CEO Paul Yu highlighted that long-term BTC holding remains central to strategy, reinforcing balance sheet strength and future growth capacity

🧼 CleanSpark

• CleanSpark mined 657 BTC in August 2025, with an average of 21.20 BTC per day and a peak single-day output of 21.71 BTC

• Year-to-date BTC production reached 5,296 BTC, supporting steady growth despite summer heat challenges

• Total Bitcoin holdings rose to 12,827 BTC at month-end, though 533.5 BTC were sold during the month for $60.7m at an average price of $113,800 per BTC

• The company’s average operating hashrate increased to 43.3 EH/s, up 1.4 EH/s month-over-month, with a peak operational capacity of 50 EH/s

• Fleet efficiency reached 16.07 J/Th across 242,222 deployed miners, reflecting optimization of hardware and site management

• Power portfolio stood at 1.03 GW under contract, with 808 MW utilized to support active operations

• CEO Matt Schultz emphasized CleanSpark’s disciplined strategy, highlighting a doubled hashrate over the past year and a nearly 13,000 BTC treasury

👮 Riot

• Riot mined 477 BTC in August 2025, slightly down 2% from July but up 48% YoY compared to August 2024

• Average daily production was 15.4 BTC, maintaining steady levels despite seasonal power challenges

• Total Bitcoin holdings reached 19,309 BTC, nearly doubling YoY, though 450 BTC were sold in August for $51.8m at an average net price of $115,035 per BTC

• Deployed hashrate increased to 36.4 EH/s, up 3% MoM and 56% YoY, with an average operating hashrate of 31.4 EH/s, up 117% from last year

• Power strategy delivered $16.1m in credits, including $15.2m from curtailment and $0.9m from demand response programs, reducing effective power costs

• All-in power cost fell to 2.6c/kWh, one of the lowest in the industry, showcasing Riot’s power management advantage

• Fleet efficiency improved to 21.0 J/TH, down from 24.6 J/TH a year ago, reflecting hardware and operational upgrades

• CEO Jason Les highlighted the record August performance, crediting Riot’s power strategy for balancing strong production with low-cost operations

🏃 MARA

• MARA produced 705 BTC in August 2025 from 208 blocks, essentially flat compared to July’s 703 BTC and 207 blocks

• Average daily production remained steady at 22.7 BTC, with miner rewards representing 4.9% of total network rewards

• Energized hashrate increased 1% month-over-month to 59.4 EH/s as all containers and miners at the Texas wind farm came online; full site operations expected in Q4

• Transaction fees contributed 0.8% of total rewards, down from 1.1% in July

• Total BTC holdings grew to 52,477 BTC as of August 31, with no Bitcoin sold during the month

• Management emphasized strategic treasury building during a period of lower BTC prices

• Signed agreement to acquire a 64% stake in Exaion, EDF’s digital subsidiary, with an option to increase to 75% by 2027; closing expected in Q4 pending approvals

• Established European headquarters in Paris to support growth, partnerships, and AI infrastructure initiatives, reinforcing MARA’s international and energy-focused strategy