Bitcoin mining stocks hit $58B in September

Public bitcoin miners reached a record $58.1B market cap in September, led by IREN, Cipher Mining and Applied Digital.

Mining stocks outperform Bitcoin’s growth

The combined market capitalization of listed bitcoin mining companies surged to $58.1 billion in September, setting a new record. The jump follows a strong rebound after the spring downturn linked to U.S. import tariffs on mining equipment.

According to monthly figures, 15 major mining firms grew their valuations from $41.6 billion in August to $58.1 billion in September. This more than doubled from the Q2 low of $19.9 billion in March.

Over the past six months, mining equities far outpaced bitcoin, which gained only 21% during the same period.

Top performers among bitcoin miners

Australia’s IREN led the rally with a 624% increase. Cipher Mining rose 321%, while Applied Digital gained 345%, driven by demand for high-performance computing.

Other miners, including TeraWulf, Hut 8 and Bitfarms, also more than doubled in value, climbing between 179% and 280%. Riot Platforms advanced 147%, HIVE added 133%, and Core Scientific grew 105%.

Even larger players like CleanSpark, Bitdeer and Marathon Digital (MARA) posted strong double-digit returns, outpacing bitcoin’s performance.

The sector ended Q3 on a bullish note and carried momentum into October.