In response to a current Clear Road report, Bitcoin miners are pursuing yield methods for his or her BTC holdings and diversifying into AI compute.
The report, titled ‘BTC Mining: 2025’s Key Themes Emerge,‘ outlines three themes for 2025: generating revenue on bitcoin reserves, leveraging existing infrastructure for HPC initiatives, and benefiting from a shift in US regulatory leadership.
Bitcoin yield and spot ETF upgrades
Clear Street’s authors point out that a number of miner administration groups are investigating methods to create revenue from saved BTC, with securities lending described as a probably viable strategy pending regulatory changes. The report states {that a} new SEC stance might allow in-kind creation of BTC exchange-traded fund shares, permitting miners to alternate bitcoin instantly for ETF items and subsequently accomplice with prime brokers on share lending revenue. Low-to-mid single-digit yields are famous for basic collateral securities, whereas larger charges could apply if ETF shares change into tougher to borrow.
Clear Road provides that authorized modifications would place BTC securities lending on par with broader lending practices, prompting sector contributors to give attention to operational particulars. Per the evaluation, CleanSpark holds a notable HODL steadiness and will earn hundreds of thousands of {dollars} in annual curiosity as soon as methods scale. Bit Digital, Bitfarms, and TeraWulf are cited with diversified holdings or approaches, together with staking packages or not retaining Bitcoin in any respect, relying on company coverage. Clear Road tasks that such yield mechanisms might unlock extra income streams and assist miners optimize large-scale operations which may in any other case be idle.
HPC compute and AI diversification
The report additionally highlights a rising pivot towards HPC compute, with miners repurposing knowledge facilities, energy sources, and superior gear to serve AI-driven workloads. The authors see a path for firms to diversify earnings past mining. Bit Digital is claimed to be transitioning into a knowledge heart enterprise through acquisitions in Montreal, aiming to host HPC shoppers for steady charges and potential upside. TeraWulf is famous for a brand new HPC settlement that would develop to over 100 MW of capability, concentrating on demand for advanced AI analysis wants. Clear Road’s figures present that HPC companies can generate interesting per-megawatt revenues, with margin ranges relying on knowledge heart configuration and contract dimension.
In response to the report, political shifts may additionally bolster the trade’s outlook. President Trump’s administration is portrayed as friendlier to Bitcoin pursuits on account of potential modifications on the SEC and Division of Vitality and extra open views on BTC merchandise. Trump’s nominee for SEC chair, Paul Atkins, has previous involvement in digital asset initiatives, and the proposed Treasury Secretary, Scott Bessent, is seen as extra receptive to crypto than earlier management.
Nonetheless, the analysis warns that cuts in federal spending or power coverage modifications might introduce uncertainties, significantly if renewable power credit are modified. Clear Road additionally notes the likelihood that diminished authorities outlays would possibly cut back inflationary pressures some traders see as helpful for Bitcoin.
The evaluation highlights a number of firms as prime picks primarily based on valuations, growth potential, and present HPC roadmaps.
Clear Road suggestions for Bitcoin miners
Bit Digital (BTBT) is labeled a Purchase on account of its shift from an asset-light mining mannequin towards HPC income, with administration citing a pipeline of potential knowledge heart tenants. CleanSpark (CLSK) is offered as a favourite pure-play miner, supported by best-in-class power methods and a pipeline for progress via 2027. TeraWulf (WULF) has a bigger a number of relative to others however goals to justify it with new HPC offers and improved mining metrics. Bitfarms (BITF), considered a BTC mining specialist, reportedly has steady power contracts and is poised for a potential HPC foray in late 2025 or early 2026.
Per Clear Road, these projections relaxation on every agency’s capability to scale knowledge heart operations, safe or renew energy agreements, and navigate remaining regulatory steps for securities lending. The authors emphasize that readability from the SEC on in-kind BTC ETF share creation will probably be pivotal for unlocking yield on HODL balances.
Their projections level to stronger income for taking part miners as new practices mature and capital inflows develop from institutional companions looking for extra publicity to digital property. Bitfarms, Bit Digital, CleanSpark, and TeraWulf stay in focus primarily based on Clear Road’s present forecasts.
