During September’s upswing in Bitcoin mining stocks, Bitfarms and Cipher Mining distinguished themselves with considerable gains, eclipsing Bitcoin’s own performance.
Bitcoin mining stocks demonstrated robust momentum throughout September 2025. Leading firms reported increases between 44% and 138%, a stark contrast to Bitcoin’s over 3% decline in the same timeframe. Bitfarms (NASDAQ: BITF) and Cipher Mining (NASDAQ: CIFR) spearheaded this upward trend, indicating strong investor interest in companies involved in Bitcoin mining.
Table of change in Bitcoin mining companies’ stock prices in September | Source: BlockSpace
Bitfarms Stock Activity Shows Great Momentum
On September 18, Bitfarms’ stock value peaked at a one-year high of $3.20, marking a ten-day streak of gains and more than doubling its value within a week. The stock closed at $3.19, with trading volume reaching almost 174 million shares, greatly exceeding the three-month average of roughly 37.2 million shares, according to Yahoo! Finance.
September trading data indicates that Bitfarms increased by over 132% from its opening monthly price of $1.34 to roughly $3.18. The company’s market capitalization has jumped to about $1.769 billion, a more than 94% increase from its closing value at the end of 2024.
Earlier this year, they divested a BTC mining facility in Paraguay to Hive Digital and reported the sale of 1,052 BTC in August 2025. This suggests Bitfarms currently holds a significant amount of liquid assets. Blockspace reports a recent re-evaluation of its Panther Creek site production, and the company’s agreement to advance campus development with T5 Data Centers. This announcement could contribute to the shares’ positive performance.
Cipher Mining Demonstrates Operational Growth
Cipher Mining shares climbed roughly 40% in September, hitting new 52-week highs at $12.66. The company’s shares have provided an impressive 313% return over the last six months, making it a key beneficiary of the growing trend of investment in AI infrastructure, according to Yahoo! Finance.
Recent trading data indicates that CIFR’s daily volume averaged 35.4 million shares throughout September. The stock closed at $11.85 with a market capitalization of $4.66 billion, signaling strong institutional interest in its combined mining and high-performance computing strategy.
Regarding Cipher, they provided an operational update on September 4, announcing new capacity coming into production. Furthermore, CEO Tyler Pager has kept market expectations high for a major deal by the end of 2025, potentially related to Bitcoin mining or a shift towards AI.
Industry Pivot Drives Market Performance, Despite Increasing Mining Difficulty
The mining sector’s stronger performance is attributed to companies expanding beyond traditional Bitcoin mining into the fields of artificial intelligence and high-performance computing services. Hive Digital is aggressively moving toward becoming an AI data center infrastructure provider, and Iris Energy is scaling up operations with Blackwell GPUs.
Despite the sector’s positive showing, the fundamentals of Bitcoin mining remain under pressure. The Bitcoin network’s upcoming difficulty adjustment is expected to increase between 0.2% and 7.24%, which is the first time the average hashrate has been above the zetahash mark. Transaction fees have declined to under 0.8% of monthly rewards, demonstrating diminished on-chain activity. Earning BTC will become increasingly hard, which motivates these companies to broaden their investments.
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