IREN has emerged as the standout performer in Bitcoin mining in 2025, posting roughly a +300% year-to-date gain after accelerating into AI cloud services. By contrast, Bitdeer’s shares have fallen about 50% YTD despite growing mining output, a divergence that highlights investor preference for immediate AI monetization over longer-term capacity builds.
Iris Energy’s rally rests on a mix of high-margin mining revenue and rapid AI-infrastructure wins. The company reported $76,7 million in mining revenue for August 2025 and a 66% hardware profit margin, metrics that underpinned market confidence.
Strategic finance moves included a $1 billion convertible note to fund expansion, while a large AI cloud arrangement with Microsoft — reported at $9,7 billion — signaled a credible path to diversifying revenues beyond BTC mining.
Management set an aggressive capacity target of 50 EH/s for 30 de jun. de 2025, and sell-side analysts published price targets spanning $29 to $136, averaging $67,64; that consensus underscores both upside expectations and valuation dispersion.
Bitdeer’s performance, investment pace and market skepticism
Bitdeer expanded self-mining capacity and output in 2025 but failed to translate growth into share-price gains. Self-mining hashrate stood at 45,7 EH/s in November 2025, and the company produced 526 BTC that month, a 251% year-over-year increase.
Power cost advantage — roughly $0,045/kWh — supports margin potential, and management projects AI revenue of $2 billion annually by 2026 while earning industry recognition such as the 2025 AI Breakthrough Award for MLOps Innovation.
Offsetting this growth narrative, Bitdeer reported a Q3 2025 net loss of $531,9 million and a decline in AI cloud platform utilization to about 60% as capital was reallocated to R&D. Analysts’ average target sits near $32,05, signaling upside in some models but reflecting caution about near-term profitability. Capacity and output growth are visible, but investor returns will depend on monetizing AI assets and returning to consistent profitability.
Hashrate denotes the total computational power devoted to mining and is a core supply-side metric for miners’ earnings. The divergence between a high-margin, contract-backed operator and a capacity-focused rival emphasizes execution and timing risk for traders: firms with demonstrable, near-term AI revenue and strong mining margins have commanded higher multiples, while companies funding rapid expansion face valuation compression until revenue follows.
