In response to 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 method 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 trade bitcoin immediately for ETF models and subsequently accomplice with prime brokers on share lending revenue. Low-to-mid single-digit yields are famous for common collateral securities, whereas larger charges could 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 individuals to deal with operational particulars. Per the evaluation, CleanSpark holds a notable HODL stability and will earn tens of millions 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 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 information facilities, energy sources, and superior tools to serve AI-driven workloads. The authors see a path for firms to diversify earnings past mining. Bit Digital is alleged to be transitioning into a knowledge 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, focusing on demand for advanced AI analysis wants. Clear Avenue’s figures present that HPC companies can generate interesting per-megawatt revenues, with margin ranges relying on information middle configuration and contract dimension.
In response to the report, political shifts may additionally bolster the business’s outlook. President Trump’s administration is portrayed as friendlier to Bitcoin pursuits attributable to potential adjustments 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 vitality coverage adjustments may introduce uncertainties, notably if renewable vitality credit are modified. Clear Avenue additionally notes the likelihood that diminished authorities outlays may cut back inflationary pressures some traders see as useful for Bitcoin.
The evaluation highlights a number of firms as prime picks based mostly on valuations, growth potential, and present HPC roadmaps.
Clear Avenue suggestions for Bitcoin miners
Bit Digital (BTBT) is labeled a Purchase attributable to its shift from an asset-light mining mannequin towards HPC income, with administration citing a pipeline of potential information middle tenants. CleanSpark (CLSK) is introduced as a favourite pure-play miner, supported by best-in-class vitality methods and a pipeline for progress by way of 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 information middle 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 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 searching for further publicity to digital belongings. Bitfarms, Bit Digital, CleanSpark, and TeraWulf stay in focus based mostly on Clear Avenue’s present forecasts.
