2025 Bitcoin Miner Rankings

Cue the tomato throwing and boos (or bouquets and plaudits)

Colin Harper
December 26, 2025

Brought to you by Lygos Finance

Happy Friday — we hope everyone had a Merry Christmas!

In our last newsletter, we listed the stories that defined 2025, and one of the highlights included the rolling narrative of bitcoin miners expanding into AI.

For today’s newsletter, we zoom in on this trend by providing our Bitcoin Mining Stock Vibe Rankings for EOY 2025.

The market rewarded bitcoin miners with AI strategies lavishly this year, particularly those who proved they can actually get deals done and construct sites for an entirely new, mega-intensive form of computing.

We got a lot of flak the first time we did this back in April (and like praise to balance out the imprecations), but we’re doing it again because, well, it’s fun.

You can tune into it on YouTube (or wherever you get your podcasts) to learn more about our rationale. Or, keep scrolling and read our vibe rankings!

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Bitcoin mining stocks vibe rankings: 2025 year-end edition

To start, the first metric on our rubric was simple: is a miner expanding into AI/HPC, and if they are, how far have they progressed? Do they have deals signed? Are those wading into the waters (but without a swimming buddy yet) in a place to do so with the sites they currently operate?

From here, it was pretty easy to decide which miners would be at the top of the rankings, and which ones below.

Where it got tricky, though, was deciding just how high some of the AI-expansion leaders should go. And inversely, how much we should discount miners who have small AI footprints, are (ostensibly) hunting AI tenants to sign a deal, or who have huge MW footprints without much to show for expansion.

The latter point is important, because a miner’s hashrate and MW size might look good on paper, but with peers inking fingerlicking deals in a market with juicier margins, companies with too much mining exposure are falling out of investor favor.

There’s plenty of room for disagreement on these rankings (and we certainly butted heads on the podcast!), but directionally, we stand by our tier list.

Are you nodding along or pursing your lips in disgust? Let us know what you think the rankings should be by creating your own rankings. Share it on X and tag @blockspace!

All of that said, here are the rankings. Please direct all tomato tossing or bouquet brandishing to [email protected].

Will’s Tier List

Colin’s Tier List

Charlie’s Tier List

Disclosure for newsletter and podcast: Colin holds CIFR; Charlie holds CIFR and IREN; and Will holds CIFR, IREN, BITF, CLSK and GLXY. Blockspace did not include CleanSpark and Galaxy Digital on this list due to conflicts of interest related to sponsorships and other contracts.

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Chart of the Week

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— (@)

Blockspace Podcasts

Welcome back to The Mining Pod! Today, Will, Colin, and Charlie are back with another (in)famous Vibe Rankings for Bitcoin Mining Stocks. For bitcoin mining stocks, 2025 was a year defined by aggressive expansion in the AI sector, but some miners have been more fruitful with their endeavors than others. For today’s roundup, the team dives into our 2025 year-end rankings for the top bitcoin mining stocks, which includes some spirited debate about who belongs in what tier – and whether or not any bitcoin mining stock earned an S rank in 2025.

Today is Boxing Day, an English holiday born from the custom where upper-class brits would gift their Christmas feast leftovers and other gifts to servants. The tradition survived in Canada, itself still a member of the British Commonwealth. But the United States never kept the tradition following independence, probably because the U.S.’s founding was a rejection of the very class-based tradition that informed the holiday.