In line with a latest Clear Avenue 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: producing income on bitcoin reserves, leveraging current infrastructure for HPC initiatives, and benefiting from a shift in US regulatory management.
Bitcoin yield and spot ETF upgrades
Clear Avenue’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 models and subsequently companion with prime brokers on share lending earnings. Low-to-mid single-digit yields are famous for common collateral securities, whereas larger charges might apply if ETF shares turn into tougher to borrow.
Clear Avenue provides that authorized modifications would place BTC securities lending on par with broader lending practices, prompting sector members to concentrate on 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 diversified holdings or approaches, together with staking packages or not retaining Bitcoin in any respect, relying on company coverage. Clear Avenue tasks that such yield mechanisms might unlock further income streams and assist miners optimize large-scale operations that 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 an information middle enterprise by way of 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 broaden to over 100 MW of capability, focusing on demand for complicated AI analysis wants. Clear Avenue’s figures present that HPC companies can generate interesting per-megawatt revenues, with margin ranges relying on knowledge middle configuration and contract measurement.
In line with the report, political shifts may additionally bolster the trade’s outlook. President Trump’s administration is portrayed as friendlier to Bitcoin pursuits resulting from potential modifications on the SEC and Division of Power 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 Avenue additionally notes the likelihood that diminished authorities outlays would possibly cut back inflationary pressures some traders see as useful for Bitcoin.
The evaluation highlights a number of firms as prime picks primarily based on valuations, growth potential, and present HPC roadmaps.
Clear Avenue suggestions for Bitcoin miners
Bit Digital (BTBT) is labeled a Purchase resulting from its shift from an asset-light mining mannequin towards HPC income, with administration citing a pipeline of potential knowledge middle tenants. CleanSpark (CLSK) is introduced 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 Avenue, these projections relaxation on every agency’s capability to scale knowledge middle 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 might 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 broaden from institutional companions in search of further publicity to digital property. Bitfarms, Bit Digital, CleanSpark, and TeraWulf stay in focus primarily based on Clear Avenue’s present forecasts.
