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Publicly-traded Bitcoin miners reached a record aggregate market capitalization of $39 billion in August as companies diversify into high-performance computing. This strategic shift comes amid declining mining profitability despite Bitcoin’s price appreciation. The expansion into AI infrastructure presents both opportunities and technical challenges for the industry.
- The aggregate market cap of 13 tracked U.S.-listed Bitcoin miners reached over $39 billion in August 2025, setting a new record
- Miners face profitability pressure due to increased network hashrate, higher operational costs, and reduced block rewards (from 6.25 to 3.125 BTC) since the 2024 halving
- Companies are developing gigawatt-scale facilities for high-performance computing, requiring significant infrastructure upgrades beyond traditional mining setups
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