In accordance 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 present 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 may allow in-kind creation of BTC exchange-traded fund shares, permitting miners to alternate bitcoin straight for ETF items and subsequently accomplice 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 develop into tougher to borrow.
Clear Avenue provides that authorized adjustments would place BTC securities lending on par with broader lending practices, prompting sector members to give attention to operational particulars. Per the evaluation, CleanSpark holds a notable HODL steadiness and will earn tens of millions of {dollars} in annual curiosity as soon as methods scale. Bit Digital, Bitfarms, and TeraWulf are cited with diverse holdings or approaches, together with staking packages or not retaining Bitcoin in any respect, relying on company coverage. Clear Avenue initiatives that such yield mechanisms may 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 corporations to diversify earnings past mining. Bit Digital is alleged to be transitioning into an information middle enterprise by way of acquisitions in Montreal, aiming to host HPC purchasers for secure charges and potential upside. TeraWulf is famous for a brand new HPC settlement that might increase to over 100 MW of capability, concentrating on demand for advanced AI analysis wants. Clear Avenue’s figures present that HPC providers can generate interesting per-megawatt revenues, with margin ranges relying on knowledge middle configuration and contract dimension.
In accordance with the report, political shifts may bolster the trade’s outlook. President Trump’s administration is portrayed as friendlier to Bitcoin pursuits on account of potential adjustments 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 adjustments may introduce uncertainties, notably if renewable power credit are modified. Clear Avenue additionally notes the chance that diminished authorities outlays would possibly scale back inflationary pressures some traders see as helpful for Bitcoin.
The evaluation highlights a number of corporations 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 on account of 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 by 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 power 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 middle operations, safe or renew energy agreements, and navigate closing 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 collaborating miners as new practices mature and capital inflows increase from institutional companions in search of further publicity to digital property. Bitfarms, Bit Digital, CleanSpark, and TeraWulf stay in focus based mostly on Clear Avenue’s present forecasts.
