Last quarter was a big one for bitcoin miners.
The majority of Q2 results are in for public bitcoin miners, and bitcoin’s price appreciation over the period turbo charged earnings for these companies as they bounced back from April’s tariff-scare market doldrums.
In the table below, we present a scorecard of key KPIs for the companies: hashrate under management at end of quarter, average hashrate under management for the quarter, revenue, cost of revenue, SG&A, and hashcost for the quarter.
Below, we take a look at qualitative updates for these miners, particularly taking a look at site developments and partnerships announced in Q2, July, and August.
MARA Holdings (NASDAQ: MARA)
Post-Q2 (Jul–Aug 2025)
- MARA made a strategic majority investment in Exaion, the digital-infrastructure subsidiary of EDF (Électricité de France), although terms and pricing were not disclosed. The investment aligns with prior guidance that MARA plans to partner with nation states for strategic growth, and it marks MARA’s formal foray into AI/HPC services.
- MARA completed a strategic investment in Two Prime Digital Assets Fund, describing it as part of a broader capital-allocation strategy.
- MARA priced and upsized a 0% convertible senior notes due 2032 offering to $950 million (initially announced on Jul 23 and upsized on Jul 28); net uses include general corporate purposes and potential acquisitions.
- MARA appointed a Chief Product Officer, framing the role around product and growth initiatives.
Riot Platforms (NASDAQ: Riot)
Post-Q2 developments (Jul–Aug 2025)
- Riot disclosed changes in its Bitfarms stake via early-warning press releases: 12.3% ownership reported July 1 and just 9.85% after partial sales on July 16.
- In its Q2 release on July 31, management stated it is allocating larger portions of its power capacity for “high-value data centers” (AI/HPC and related digital infrastructure).
Q2 2025 (Apr–Jun)
- Riot amended and upsized its bitcoin-backed revolving credit facility with Coinbase to $200 million.
- Riot hired a Chief Data Center Officer to lead data-center platform design and execution.
CleanSpark (NASDAQ: CLSK)
Post-Q2 (Jul–Aug 2025)
- CleanSpark’s board appointed co-founder Matt Schultz as CEO and accepted the resignation of Zachary Bradford as CEO and director.
- The company’s July operations update reiterated that CleanSpark surpassed 1 GW in contracted power.
Cipher Mining (NASDAQ: CIFR)
Post-Q2 (Jul–Aug 2025)
- In Cipher’s Q2 2025 business update, management reported that Black Pearl Phase I exceeded growth targets. Black Pearl Phase I has a power capacity of 150 MW, with another 150 MW under development for Phase 2 (300 MW in total).
- CIFR said Black Pearl Phase I contributed 24% of its July BTC production, and it expects that contribution to increase as it scales.
Q2 2025 (Apr–Jun)
- CIFR raised $150 million in convertible senior notes in May. The proceeds were earmarked for Black Pearl energization.
Hut 8 (NASDAQ: HUT)
Post-Q2 (Jul–Aug 2025)
- In its Q2 2025 results, Hut 8 highlighted the proposed go-public strategy for its majority-owned subsidiary American Bitcoin in its reverse merger with Gryphon Digital Mining.
Q2 2025 (Apr–Jun)
- In June, Hut 8 announced that it had energized its 205 MW Vega data center in Texas, designed for Bitmain’s U3S21EXPH (next-generation, rack-based ASIC miners with direct-to-chip liquid cooling).
- Hut 8 secured five-year capacity contracts with Ontario’s IESO covering 310 MW of power-generation assets.
Bitfarms (NASDAQ: BITF)
Post-Q2 (Jul–Aug 2025)
- Bitfarms partnered with T5 Data Centers to advance HPC/AI development at its Panther Creek, PA campus.
- Bitfarms announced a corporate share buyback program allowing repurchases of up to 10% of the public float.
- Bitfarms opened a second principal executive office in New York City and initiated conversion to U.S. GAAP on July 28, stating this supports its plan to redomicile to the U.S.
- Bitfarms’ Q2 2025 results emphasized HPC/AI strategy and campus planning.
TeraWulf (NASDAQ: WULF)
Post-Q2 (Jul–Aug 2025)
- TeraWulf signed two 10-year AI hosting agreements with Fluidstack for 200+ MW at its Lake Mariner campus; the company stated the deal is worth ~$3.7 billion in contracted revenue, with potential to upsize to $8.7 billion if both parties exercise extensions Google agreed to backstop $1.8 billion in Fluidstack’s lease payments if necessary and took an 8% stake in Terawulf as part of the deal.
- TeraWulf secured a long-term ground lease at its Cayuga site to expand HPC infrastructure, tying the lease to the Fluidstack growth plan.
Q2 2025 (Apr–Jun)
- TeraWulf acquired Beowulf Electricity and Data to streamline its corporate structure and integrate power-side assets on May 21.
Core Scientific (NASDAQ: CORZ)
Post-Q2 (Jul–Aug 2025)
- On July 7, Core Scientific announced a definitive agreement to be acquired by CoreWeave in an all-stock deal at a fixed exchange ratio (0.1235 CoreWeave Class A shares for each CORZ share), with closing expected Q4 2025 subject to approvals.
