Last quarter was a big one for bitcoin miners.
The majority of Q2 results are in for public bitcoin miners, and bitcoin’s price appreciation over the period turbo charged earnings for these companies as they bounced back from April’s tariff-scare market doldrums.
In the table below, we present a scorecard of key KPIs for the companies: hashrate under management at end of quarter, average hashrate under management for the quarter, revenue, cost of revenue, SG&A, and hashcost for the quarter.
Below, we take a look at qualitative updates for these miners, particularly taking a look at site developments and partnerships announced in Q2, July, and August.
Post-Q2 (Jul–Aug 2025)
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MARA made a strategic majority investment in Exaion, the digital-infrastructure subsidiary of EDF (Électricité de France), although terms and pricing were not disclosed. The investment aligns with prior guidance that MARA plans to partner with nation states for strategic growth, and it marks MARA’s formal foray into AI/HPC services.
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MARA completed a strategic investment in Two Prime Digital Assets Fund, describing it as part of a broader capital-allocation strategy.
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MARA priced and upsized a 0% convertible senior notes due 2032 offering to $950 million (initially announced on Jul 23 and upsized on Jul 28); net uses include general corporate purposes and potential acquisitions.
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MARA appointed a Chief Product Officer, framing the role around product and growth initiatives.
Post-Q2 developments (Jul–Aug 2025)
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Riot disclosed changes in its Bitfarms stake via early-warning press releases: 12.3% ownership reported July 1 and just 9.85% after partial sales on July 16.
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In its Q2 release on July 31, management stated it is allocating larger portions of its power capacity for “high-value data centers” (AI/HPC and related digital infrastructure).
Q2 2025 (Apr–Jun)
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Riot amended and upsized its bitcoin-backed revolving credit facility with Coinbase to $200 million.
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Riot hired a Chief Data Center Officer to lead data-center platform design and execution.
Post-Q2 (Jul–Aug 2025)
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CleanSpark’s board appointed co-founder Matt Schultz as CEO and accepted the resignation of Zachary Bradford as CEO and director.
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The company’s July operations update reiterated that CleanSpark surpassed 1 GW in contracted power.
Post-Q2 (Jul–Aug 2025)
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In Cipher’s Q2 2025 business update, management reported that Black Pearl Phase I exceeded growth targets. Black Pearl Phase I has a power capacity of 150 MW, with another 150 MW under development for Phase 2 (300 MW in total).
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CIFR said Black Pearl Phase I contributed 24% of its July BTC production, and it expects that contribution to increase as it scales.