Miner Weekly: Over 32% of All Bitcoin Now Comes From Public Miners — But AI Is Calling

This article first appeared in Miner Weekly, BlocksBridge Consulting’s weekly newsletter curating the latest news in bitcoin mining and data analysis from TheEnergyMag. Subscribe to receive in your inbox once a week.

Over the past week, the most consequential news in the bitcoin mining world had little to do with mining itself. Instead, it revolved around high-performance computing (HPC) and artificial intelligence. A series of announcements underscored just how aggressively miners are chasing HPC opportunities—from financing and partnerships to board appointments and investor interest.

At the same time, newly reported Q2 production numbers reveal that public and soon-to-be-public miners are also quietly consolidating their share of bitcoin output. The combined market share of 18 companies increased to 32.5% in Q2, up from 21.1% the same period last year.

At first glance, this appears to be a story of public miners tightening their grip on the network while simultaneously exploring new frontiers in compute. But beneath the surface, the gains are uneven. The rise in combined market share was not broad-based; rather, it was driven primarily by MARA, Cango, IRE and CleanSpark, who substantially expanded their hashrate and offset losses from miners that pivoted to HPC or stalled growth.

This uneven trajectory reflects a sector moving on diverging paths:

• Scale-up leaders like MARA, Cango, and CleanSpark are doubling down on bitcoin mining capacity, capturing the market share vacated by peers.
• Pivoters such as Bitfarms and TeraWulf are allocating more capital to HPC hosting and partnerships, slowing their mining growth.
• Dual-track players such as Core Scientific (NASDAQ: CORZ) and HIVE are trying to balance both—expanding mining operations while also investing in AI infrastructure.

Core Scientific offers a striking example of this dual approach. Last week, it helped debut Block’s Proto rig, part of a purchase agreement expected to deliver 15 EH/s to its fleet. It remains to be seen, though, whether the pending CoreWeave acquisition would cut the mining segment. On the treasury side, Core appears to have hodled all its mined bitcoin so far in 2025, reporting $172.8 million in digital assets (about 1,611 BTC) as of June 30—suggesting no sales since January.

HIVE, meanwhile, is pushing ahead on two fronts. In the second quarter, it signed a deal with Bitmain to expand its bitcoin mining capacity by 3.5 EH/s, pledging BTC for payments with the option to repurchase the coins to retain upside exposure. At the same time, the company is supplying GPU compute power to Bell Canada’s “AI Fabric,” billed as the country’s largest sovereign AI cloud initiative.

The HPC wave: last week’s highlights

While market share dynamics show where miners stand in bitcoin, the week’s headlines highlighted just how aggressively they are repositioning for HPC:

• Galaxy’s Helios reboot – Galaxy Digital secured a loan priced at more than 9% interest to fund the conversion of its Texas Helios site into one of the world’s largest AI campuses. Read more
• TeraWulf expands with FluidStack – TeraWulf deepened its partnership with FluidStack to scale AI/HPC hosting. Share surged 50%. Read more
• Bitfarms adds cloud experience – The company appointed former AWS executive Wayne Duso to its board, signaling intent to strengthen HPC strategy. Read more
• HIVE and Canada’s sovereign AI push – HIVE will supply GPU compute for Bell Canada’s “AI Fabric,” a sovereign AI cloud initiative. Read more
• TeraWulf raises $850M – The company upsized its convertible note offering to fund HPC infrastructure growth. Read more
• Situational Awareness bets on Core – The AI-focused investment fund led by 23-year-old AI influencer and former OpenAI researcher Leopold Aschenbrenner disclosed a 5.8% stake in Core Scientific, underscoring investor belief that miners’ power assets make them prime HPC plays. Read more

Other Notable News ICYMI

• TeraWulf Shares Jump 50% after Google Secures 8% Stake as part of $3.7 Billion 10-year AI Compute Deal - The Block
• Crypto group backed by Trump sons hunts for bitcoin companies in Asia - FT
• Compass Mining Energizes 10 MW Bitcoin Mine in Texas with Onmine Partnership - TheEnergyMag
• Riot Offloads 11M Bitfarms Shares in One Day, Slips Below 5% Ownership - TheEnergyMag
• Bitdeer Aims to Expand US Rig Manufacturing Amid Trump Tariff Headwinds - Decrypt
• Hut 8 (NASDAQ: HUT) breaks ground on artificial intelligence data center in West Feliciana Parish - Louisiana Radio Network