The 58.1B milestone is here: the combined market cap of the 15 largest publicly traded miners hit $58.1B in September, up $16.5B from August and almost triple the March low of $19.9B. Bitcoin meanwhile rose about 21% over six months, while miner stocks surged far stronger [1].
Top performers • Iris Energy (IREN) — leads gains, up 624% [1] • Applied Digital (APLD) — up about 345% [1] • Cipher Mining (CIFR) — up roughly 321% [1] • TeraWulf (WULF) — up in the roughly 180–280% range [1] • Hut 8 (HUT) — up in the roughly 180–280% range [1] • Bitfarms (BITF) — up in the roughly 180–280% range [1] • Riot Platforms (RIOT) — up 147% [1] • HIVE (HIVE) — up 133% [1] • Core Scientific (CORZ) — up 105% [1] • CleanSpark (CLSK) — notable gains among the group [1] • Bitdeer (BTDR) — notable gains among the group [1] • Mara Holdings (MARA) — notable gains among the group [1]
The spread among these names shows a sector that’s diversified rather than a single winner-takes-all play. The data, drawn from TheMinerMag’s September tally, underscores how execution, balance sheets, and energy costs diverge even as the group rebounds [1].
What does this imply for market structure? With 15 public miners, diversification appears alive, but questions linger about concentration and risk versus BTC cycles as dynamics evolve. Expect continued volatility and shifting leadership as BTC moves [1].
Closing thought: watch how the cap distribution shifts as BTC cycles repeat and miners adjust strategies.
References
Капитализация акций майнеров достигла рекорда. По динамике роста они обошли биткоин
Капитализация 15 майнеров достигла $58,1 млрд; акции выросли выше BTC; лидеры Iris Energy, Applied Digital, Cipher Mining.
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