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 earnings from saved BTC, with securities lending described as a doubtlessly 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 trade bitcoin immediately for ETF items and subsequently companion with prime brokers on share lending earnings. Low-to-mid single-digit yields are famous for normal collateral securities, whereas increased charges might apply if ETF shares turn into more durable to borrow.
Clear Road provides that authorized modifications would place BTC securities lending on par with broader lending practices, prompting sector individuals to deal with operational particulars. Per the evaluation, CleanSpark holds a notable HODL steadiness and will earn thousands and thousands of {dollars} in annual curiosity as soon as methods scale. Bit Digital, Bitfarms, and TeraWulf are cited with different 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 further 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 information facilities, energy sources, and superior gear to serve AI-driven workloads. The authors see a path for corporations 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 secure charges and potential upside. TeraWulf is famous for a brand new HPC settlement that would increase to over 100 MW of capability, concentrating on demand for complicated AI analysis wants. Clear Road’s figures present that HPC providers can generate interesting per-megawatt revenues, with margin ranges relying on information heart configuration and contract dimension.
In response to the report, political shifts can also bolster the trade’s outlook. President Trump’s administration is portrayed as friendlier to Bitcoin pursuits as a consequence 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.
Nevertheless, the analysis warns that cuts in federal spending or power coverage modifications might introduce uncertainties, notably if renewable power credit are modified. Clear Road additionally notes the chance that diminished authorities outlays would possibly cut back inflationary pressures some traders see as useful for Bitcoin.
The evaluation highlights a number of corporations as high picks based mostly on valuations, growth potential, and present HPC roadmaps.
Clear Road suggestions for Bitcoin miners
Bit Digital (BTBT) is labeled a Purchase as a consequence of its shift from an asset-light mining mannequin towards HPC income, with administration citing a pipeline of potential information heart tenants. CleanSpark (CLSK) is introduced as a favourite pure-play miner, supported by best-in-class power methods and a pipeline for development 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 secure 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 information heart operations, safe or renew energy agreements, and navigate last regulatory steps for securities lending. The authors emphasize that readability from the SEC on in-kind BTC ETF share creation shall be pivotal for unlocking yield on HODL balances.
Their projections level to stronger income for collaborating miners as new practices mature and capital inflows increase from institutional companions searching for further publicity to digital belongings. Bitfarms, Bit Digital, CleanSpark, and TeraWulf stay in focus based mostly on Clear Road’s present forecasts.
