American Bitcoin (BTC) miners like CleanSpark (NASDAQ: CLSK) and Riot Platforms (NASDAQ: RIOT) are adapting to a challenging yet promising landscape, with analysts from JPMorgan (NASDAQ: JPM) and Bernstein revising price targets to reflect improved economics and strategic diversification.
Despite the 2024 Bitcoin halving and rising costs, these miners are leveraging infrastructure expansion, energy efficiency, and pivots to artificial intelligence (AI) and high-performance computing (HPC) to maintain competitiveness in a market where the United States holds a 29% global hash rate share in 2025.
CleanSpark, a leader in sustainable mining, reported a hash rate of 45.6 EH/s in May 2025, up 7.5% from April, with plans to reach 50 EH/s by mid-2025 through self-operated infrastructure. In March 2024, it acquired two Mississippi sites, adding 2.4 EH/s, and deployed S21 Pro miners in Georgia, boosting efficiency to 16.15 J/TH. Riot Platforms, with a hash rate of 30.8 EH/s in Q4 2024, expanded via the acquisition of Block Mining in Kentucky, diversifying its power supply. Both companies benefit from BTC’s price surge to $103,697 in December 2024, though a 10% correction in early 2025 led to sharper 20-40% declines in mining stocks.
JPMorgan raised price targets for CleanSpark and Riot in late 2024, citing a 29% market cap increase for U.S. miners and improved economics. However, Bernstein cut CleanSpark’s target from $30 to $20 and Riot’s from $22 to $19 in March 2025, reflecting stock underperformance but maintaining “Outperform” ratings due to BTC treasury holdings and AI/HPC pivots. CleanSpark holds nearly 12,000 BTC, mined at a marginal cost of $34,000, while Riot mined 1,104 BTC in Q3 2024, with revenues up 65% to $84.8 million. Bernstein forecasts BTC at $200,000 by Q4 2025, supporting miners’ valuations.
The halving doubled production costs to $37,856 per BTC, forcing efficiency upgrades. Miners are investing in ASICs like Canaan’s (NASDAQ: CAN) A1566 and securing power purchase agreements (PPAs) at 4.5 cents/kWh on average. CleanSpark’s use of hydropower and solar aligns with the 52% of miners targeting net zero by 2030. However, challenges include equipment shipment delays due to U.S. Commerce Department restrictions on suppliers like Bitmain’s AI affiliate and rising energy costs in non-renewable regions.
Diversification into AI/HPC is a game-changer. Core Scientific’s (NASDAQ: CORZ) $10 billion, 12-year contract with
CoreWeave for AI computing exemplifies this trend, with CleanSpark and Riot following suit. AI applications like ChatGPT, requiring 10 times the power of a Google search, drive a projected 160% increase in data center demand by 2030. This shift allows miners to repurpose infrastructure, offsetting mining volatility. The pro-crypto stance of the incoming Trump administration in 2025 has further boosted confidence, reducing regulatory fears.
Despite these strengths, risks remain. BTC’s volatility, regulatory uncertainties, and supply chain disruptions could hinder growth. Smaller miners, unable to scale, face closure as competition intensifies. Yet, with strategic expansions and diversified revenue streams, CleanSpark and Riot are well-positioned to lead the U.S. mining sector, balancing traditional mining with emerging AI opportunities.
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