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In accordance with a current 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 revenue 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 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 common collateral securities, whereas increased charges might apply if ETF shares change into more durable to borrow.
Clear Avenue provides that authorized modifications would place BTC securities lending on par with broader lending practices, prompting sector contributors 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 various holdings or approaches, together with staking applications or not retaining Bitcoin in any respect, relying on company coverage. Clear Avenue 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 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 Avenue’s figures present that HPC providers can generate interesting per-megawatt revenues, with margin ranges relying on knowledge heart configuration and contract measurement.
In accordance with the report, political shifts may bolster the business’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 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.
Nonetheless, the analysis warns that cuts in federal spending or vitality coverage modifications might introduce uncertainties, significantly if renewable vitality credit are modified. Clear Avenue additionally notes the chance that diminished authorities outlays may cut back inflationary pressures some buyers see as helpful for Bitcoin.
The evaluation highlights a number of firms as high picks based mostly on valuations, enlargement potential, and present HPC roadmaps.
Clear Avenue 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 knowledge heart tenants. CleanSpark (CLSK) is introduced as a favourite pure-play miner, supported by best-in-class vitality 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), thought to be a BTC mining specialist, reportedly has secure vitality contracts and is poised for a possible HPC foray in late 2025 or early 2026.
Per Clear Avenue, these projections relaxation on every agency’s capability to scale knowledge heart operations, safe or renew energy agreements, and navigate ultimate regulatory steps for securities lending. The authors emphasize that readability from the SEC on in-kind BTC ETF share creation can 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 increase from institutional companions searching for extra publicity to digital belongings. Bitfarms, Bit Digital, CleanSpark, and TeraWulf stay in focus based mostly on Clear Avenue’s present forecasts.