Bitcoin Mining Stocks Compared: 8 Miners by Q2 2026 Filings
Last Updated: September 15, 2026
Bitcoin mining stocks have split into two groups by 2026: miners that still hold large bitcoin balances and miners turning into AI data center landlords. SEC filings for the quarter to June 30, 2026, show MARA with 35,577 BTC and 70.3 EH/s, while TeraWulf held 2 BTC and earned 71% of revenue from HPC leases.
This comparison covers eight Nasdaq-listed companies, MARA Holdings, Riot Platforms, CleanSpark, Hut 8, Core Scientific, Cipher Digital, TeraWulf and IREN, using only their latest 10-Q, 10-K and earnings releases. It shows no share prices or year-to-date returns, because those change daily and cannot be checked against a filing. Revenue and bitcoin balances in these filings both move with the coin's price, so it helps to know how the crypto market cycle works, and the bitcoin halving explains why the block subsidy falls roughly every four years. Two companies use non-calendar fiscal years: CleanSpark's April to June quarter is its fiscal Q3, and IREN's is fiscal Q4 of a year that ended June 30, 2026. Each company also defines hashrate and cost per coin in its own way, so the table keeps their labels rather than forcing a false like-for-like comparison. For bitcoin price exposure without company-level factors, our perpetual futures primer covers the contract alternative.
Bitcoin Mining Stocks Compared by Q2 2026 Filings
| Company (ticker) | Revenue and net result | Bitcoin mined and held | Hashrate, as reported | AI and HPC shift | Drawbacks |
|---|---|---|---|---|---|
| MARA Holdings (MARA) | $174.9M revenue, down 27% year over year; net loss of $611.3M | 2,422 BTC mined; 35,577 BTC held, including 9,270 BTC loaned or pledged | 70.3 EH/s energized hashrate, up 22% from 57.4 EH/s a year earlier | About 1.9 GW across 19 data centers; no AI lease signed yet, one targeted before year-end | Largest bitcoin balance brings the largest mark-to-market swings; purchased energy cost rose to $38,690 per BTC |
| Riot Platforms (RIOT) | $174.2M revenue, including $23.2M from data centers; net loss of $237.2M | 1,587 BTC produced; 11,380 BTC held, of which 5,821 BTC serve as collateral | 44.4 EH/s deployed at June 30; 37.2 EH/s average operating in the quarter | 25 MW delivered to AMD, plus a 20-year, 191 MW lease with a frontier AI lab worth about $9.1B | Cost to mine before depreciation rose to $49,912; monthly production updates ended after December 2025 |
| CleanSpark (CLSK) | $138.0M revenue in fiscal Q3 (April to June); net loss of $239.8M | 1,920 BTC mined net of pool fees; 12,205 BTC held at June 30 | 42.6 EH/s average in June 2026, after a 50 EH/s peak in fiscal 2025 | 20-year, 175 MW Sandersville lease with $6.6B of contracted revenue; deliveries from Q4 2027 | Direct cost of $96,277 per BTC including depreciation, above its $71,692 average revenue per coin |
| Hut 8 (HUT) | $74.9M revenue, $72.5M of it compute; net loss of $177.1M | About 935 BTC mined, mainly through American Bitcoin; about 17,316 BTC held in total | No consolidated figure; American Bitcoin's owned fleet reached about 28.1 EH/s in April 2026 | Building a 245 MW data center at River Bend, Louisiana, and a 352 MW one at Beacon Point, Texas | Holdings are split with majority-owned American Bitcoin, and no cost per bitcoin is disclosed |
| Core Scientific (CORZ) | $164.2M revenue, $136.7M of it colocation; net loss of $1,155.3M | Bitcoin mined fell 53% year over year; 848 BTC held, down from 2,537 BTC | Not reported; the company is not investing in new mining equipment | About 1.1 GW leased to customers, representing more than $24B of potential contracted revenue | Mining is winding down, so bitcoin exposure is small; warrant revaluation drove the quarterly loss |
| Cipher Digital (CIFR) | $24.8M revenue, all from bitcoin mining; net loss of $267.5M | About 346 BTC mined at Odessa; about 646 BTC held, down from about 1,433 BTC | About 11.6 EH/s total at the 207 MW Odessa site | 700 MW of contracted gross HPC capacity and about $11.4B of contracted revenue | One mining site, HPC leases not yet producing revenue, and a $150.5M warrant charge in Q2 |
| TeraWulf (WULF) | $44.8M revenue, including $31.9M of HPC lease revenue; net loss of $940.8M | 179 BTC mined in the quarter; 2 BTC held at June 30 | 5.6 EH/s operational against 10.6 EH/s nameplate at Lake Mariner | Core42 and Fluidstack leases at Lake Mariner, plus an Anthropic lease in Kentucky worth about $19B | Almost no bitcoin exposure remains, and a $755.7M warrant fair value loss hit the quarter |
| IREN (IREN) | $137.2M revenue in fiscal Q4, $70.5M from AI Cloud; net loss of $684.0M | 6,075 BTC mined in fiscal 2026; mined coins are sold daily, so none were held | About 23.2 EH/s installed, representing about 380 MW | Five-year, $9.7B cloud services contract with Microsoft; Horizon 1 delivered at Childress, Texas | No bitcoin treasury, and a fiscal year ending June 30 that does not line up with peers |
Data as of September 15, 2026, from each company's latest SEC filings for the period ended June 30, 2026: MARA, Riot, CleanSpark and its Sandersville lease release, Hut 8, Core Scientific, Cipher Digital, TeraWulf and IREN. Hashrate and cost figures use each company's own definitions.
Worked Example: How Much Bitcoin Exposure Each Balance Sheet Carries
A miner's share price reacts to bitcoin through two channels: the value of coins it mines and the value of coins it holds. The second is easy to measure. The table below values each company's June 30, 2026, holdings at $76,888, the CoinGecko bitcoin price on September 15, 2026, and shows what a $10,000 move in bitcoin does to that balance compared with the company's latest quarterly revenue. It is a calculation, not a forecast, and it ignores coins pledged as collateral, taxes and later sales.
| Company | BTC held on June 30, 2026 | Value at $76,888 per BTC | Change from a $10,000 BTC move | Change as a share of quarterly revenue |
|---|---|---|---|---|
| MARA | 35,577 BTC | About $2.74 billion | About $355.8 million | About 203% of $174.9M |
| Hut 8 | About 17,316 BTC | About $1.33 billion | About $173.2 million | About 231% of $74.9M |
| CleanSpark | 12,205 BTC | About $938 million | About $122.0 million | About 88% of $138.0M |
| Riot | 11,380 BTC | About $875 million | About $113.8 million | About 65% of $174.2M |
| Core Scientific | 848 BTC | About $65 million | About $8.5 million | About 5% of $164.2M |
| Cipher Digital | About 646 BTC | About $50 million | About $6.5 million | About 26% of $24.8M |
| TeraWulf and IREN | 2 BTC and 0 BTC | Under $1 million | Negligible | Close to 0% |
The spread is wide. For MARA and Hut 8, a $10,000 move in bitcoin changes the value of their holdings by about twice a full quarter's revenue. For Core Scientific, TeraWulf and IREN the balance-sheet effect is marginal, and their shares depend far more on data center delivery and lease income. Anyone buying bitcoin mining stocks as a proxy for bitcoin should know which of the two groups a company now belongs to.
Why Mining Margins Tightened in 2026
The filings describe the same squeeze from different angles. Riot's production value of one mined bitcoin fell to $71,667 in Q2 2026 from $98,800 a year earlier, and CleanSpark's average revenue per coin was $71,692 against $98,753. TeraWulf's 10-Q puts global network hashrate at 992 EH/s on June 30, 2026, up from 843 EH/s a year before, so each machine earns a smaller share of new coins. Costs went the other way: MARA's purchased energy cost per bitcoin rose to $38,690 from $33,735, and Riot's cost to mine before depreciation rose to $49,912 because of higher power costs and its Kentucky expansion.
Depreciation changes the picture further. CleanSpark's direct energy cost was $44,406 per coin, but including miner depreciation and financing costs it reached $96,277, above the revenue each coin brought in. TeraWulf reported a cash cost of $44,547 per bitcoin that excludes depreciation. The block subsidy also halves roughly every four years, which cuts mining revenue overnight; the guide to the bitcoin halving explains that schedule.
That squeeze is why most of these companies are redirecting power to AI and high-performance computing tenants, whose leases pay a contracted rent rather than a share of new bitcoin.
How to Compare Bitcoin Mining Stocks
Use a consistent checklist, because headline numbers are not defined the same way across filings.
- Revenue mix. Split mining revenue from lease, colocation, engineering or cloud revenue. TeraWulf earned 71% of Q2 revenue from HPC leases; Cipher earned all of it from mining.
- Bitcoin held, and how much is pledged. MARA counts 9,270 loaned or pledged coins in its 35,577 BTC, and Riot counts 5,821 collateral coins in its 11,380 BTC.
- Hashrate definition. MARA reports energized hashrate, Riot deployed and average operating, CleanSpark a monthly average after a past peak, TeraWulf operational against nameplate, and IREN installed capacity.
- Cost per coin definition. Energy-only, cash cost excluding depreciation and full cost including depreciation can differ by more than $50,000 per bitcoin for the same company.
- Contracted lease revenue and delivery dates. A multi-billion-dollar lease counts only once capacity is delivered; CleanSpark's Sandersville deliveries are expected from Q4 2027.
- Non-operating swings. Warrant revaluations produced losses of $755.7 million at TeraWulf and $150.5 million at Cipher in one quarter, and Core Scientific attributed its loss mainly to warrants.
- Reporting calendar. CleanSpark and IREN run non-calendar fiscal years, and Riot now reports production quarterly instead of monthly.
Because both mining revenue and bitcoin balances track the coin's price, the explainer on the crypto market cycle is useful background for timing any position in these shares.
Bitcoin Exposure Without Mining Stocks: EVEDEX
Nothing on EVEDEX tracks a mining company. Its five US stock contracts are TSLA, COIN, MSTR, CRCL and SPCX, and its bitcoin exposure comes through the BTC-USD perpetual, a contract on the coin's price that settles on Arbitrum L2 against USDT margin. That contract strips out the company-level factors covered in this article, from power costs and lease deliveries to warrant charges, and leaves pure price risk, amplified by leverage that can reach 200x for positions under $50,000 of notional. Each trade costs 0.015% as maker or 0.045% as taker, and holding the position means paying or receiving funding, set every 8 hours and applied hourly. Unlike a miner's share, the position can be liquidated, and it earns none of the lease income that now supports several of these companies. There are no spot coins, no options and 52 pairs in all. For how the contract works, see the primer on perpetual futures. Perpetual futures carry a high risk of loss.
