In 2025, Bitcoin mining saw significant performance disparities due to diversification into AI and HPC infrastructure. Companies like IREN (+300%), Cipher (+230%), and Hut 8 (+139%) excelled through strategic moves including GPU cloud deals and AI data center leases. Meanwhile, traditional Bitcoin pure-plays like Marathon, CleanSpark, Riot, and Bitdeer underperformed, indicating that holding BTC wasn't sufficient against weak earnings and delayed AI integration. This trend highlights the growing importance of diversifying beyond cryptocurrency mining.