Bitcoin Miners’ Market Cap Soars to Record High in September

Highlights:

• Bitcoin miners’ market cap jumped to $58.1 billion in September, led by big gains from top firms.
• Miners are using powerful computers and AI partnerships to increase profits despite harder mining conditions.
• Stocks like HIVE, Riot, and Core Scientific kept growing even as competition rose and revenue fell.

Bitcoin miners’ market cap jumped in September as companies shifted to high-powered computing for the growing AI sector, a JP Morgan report said. The bank’s analysts noted in a Wednesday update that the total value of the 14 biggest publicly traded miners crossed $50 billion for the first time.

Bitcoin Miners’ Market Cap Hits $58.1 Billion

The market value of top Bitcoin miners climbed to $58.1 billion in September, as per data. This marks a 40% jump from August’s $41.6 billion and a sharp rebound from March’s $19.9 billion low, when U.S. tariffs weighed on crypto stocks. Australia’s IREN led the recovery with a 624% surge. Cipher Mining (CIFR) rose 321%, while Applied Digital (APLD) gained 345%. 

TeraWulf (WULF), Hut 8 (HUT), and Bitfarms (BITF) posted gains of 179% to 280%. HIVE jumped 133%, Riot Platforms (RIOT) rose 147%, and Core Scientific (CORZ) gained 105%. Bigger miners such as Marathon Digital (MARA), CleanSpark (CLSK), and Bitdeer (BTDR) also saw solid double-digit growth.

#Bitcoin Miners' Market Cap Hit a Record in September: JPMorgan

The average #network hashrate rose 9% to an average of 1,031 EH/s last month, according to the bank. $BTC#crypto pic.twitter.com/796tu1tHtU

— CryptOpus (@ImCryptOpus) October 1, 2025

Miners Turn to High-Powered Computing and AI Partnerships

“Growth in aggregate market cap outpaced bitcoin price appreciation for the sixth consecutive month, as operators continue to diversify their businesses away from bitcoin mining towards HPC,” the report read. The market cap grew as miners used powerful computers to boost profits. Miners are turning to high-powered computing to earn more. Last month, Google supported a deal between AI firm Fluidstack and Bitcoin miner Cipher. The deal gives Google the right to buy a 5.4% stake in Cipher.

Bitcoin miners are usually large industrial operations with warehouses full of computers. These machines work to secure the Bitcoin network and earn newly minted coins as rewards for processing blocks on the decentralized payment system. However, when the price of the biggest cryptocurrency drops, these businesses may face difficulties covering their operating costs.

Today, miners are no longer seen just as risky Bitcoin investments. They help connect crypto with real-world energy and meet growing demand for tokenized assets. They are also lowering costs and using renewable energy. Their finances now look like growing utility companies, so their value could rise even if profits are smaller.

Miners’ Stocks Rise Despite Challenges

HIVE Digital’s stock rose nearly 9% this week and is up 41% over the past month. Nasdaq-listed Marathon Digital (MARA) gained 8% this week and almost 16% in 30 days. CleanSpark (CLSK) jumped 51% over the past month and 4% this week. Riot Platforms (RIOT) climbed 147%, HIVE jumped 133%, and Core Scientific (CORZ) gained 105%, continuing the strong recovery in mining stocks. 

The gains came even though mining became tougher. The network hashrate rose 9% to 1,031 EH/s, increasing competition among miners. This made earning block rewards harder. Daily revenue per EH/s fell 10% in September to $49,700, and gross profit per EH/s dropped 17% from August. At the time of writing, Bitcoin was trading at $118,811, rising nearly 7% in 24 hours. At the start of September, it had fallen below $107,000 per coin, according to CoinMarketCap.