Publicly traded Bitcoin miners faced significant headwinds in 2025 amid weakening crypto prices. Core Scientific reported fourth-quarter revenue of $79.8 million, down 16% year-on-year, with mining revenue nearly cut in half to $42.2 million. Meanwhile, TeraWulf posted quarterly revenue of $35.8 million, falling short of expectations and declining from $50.6 million in the prior quarter.

Losses were even steeper at MARA Holdings, which reported a fourth-quarter net loss of $1.71 billion, compared with net income of $528 million a year earlier, as revenue slipped 6% to $202.3 million. As margins tighten, several miners are increasingly shifting toward AI-focused data center operations in search of more stable revenue streams.