Is 2026 The Year to Load Up on Crypto Miners?

Key Points

• Many Bitcoin mining companies saw share prices triple or more in the last year, despite some rockiness in the final weeks of 2025.
• Companies in this space remain highly speculative, particularly given the trend toward shifting operations in favor of AI and data center applications.
• IREN, TeraWulf, and Cipher Mining are all worth a closer look based on lucrative contracts and the potential for continued momentum.

In 2025, Bitcoin soared to an all-time high of around $126,000 among other wins for the cryptocurrency industry—including easing regulations, new stablecoin legislation, and the impending launch of a flurry of new crypto-focused exchange-traded funds (ETFs). However, the world's largest digital token couldn't keep the rally up and has since plunged to below $94,000.

Crypto enthusiasts are not deterred by the end-of-year pullback, expecting that a delayed response to the shift in regulations could send Bitcoin and other popular tokens soaring in 2026. At the same time, precious metals have largely continued their multi-quarter rally with minimal interruption—so are investors fleeing cash and traditional equities for these safe havens instead of the riskier speculative play that cryptos represent? While no one knows for sure, often-overlooked crypto mining companies have done tremendously well in the last year, and those bullish on digital tokens might expect these rallies to continue as well. Additionally, many crypto miners are taking advantage of their existing operations to pivot to high-demand data center and AI business, opening up new possibilities. Here are three companies that may be worth a closer look.

Largest Bitcoin Miner by Market Cap Toying With an AI Pivot

IREN Ltd. NASDAQ: IREN is a Bitcoin miner based in Australia and, at about $14 billion in market value, is the largest publicly traded miner in the world by this metric. After a tremendously volatile 2025 that started with shares hovering around $12 each and ended at more than three times at level, analysts see IREN stock continuing to head upward by more than 40% in the new year. Despite pulling back later in the year, there are signs that IREN is starting 2026 with a major rebound.

Like many crypto miners, IREN has toyed with the idea of pivoting some or all of its operations toward data centers and AI. As a vertically integrated firm, the company benefits from owning land, hardware, and the data center operations themselves. It seems to be well on its way toward shifting to AI, thanks to a multi-year contract worth almost $10 billion with Microsoft Corp. NASDAQ: MSFT.

To be sure, sentiment on IREN is mixed. Though the company reported better-than-expected earnings per share (EPS) last quarter, it missed on revenue. Short interest has also spiked toward the end of the year, although it has improved by almost 7% in the last month. Change in focus toward AI or not, IREN remains highly speculative and risky.

High Short Interest Could Be an Opportunity or a Risk in TeraWulf's Case

Shares of zero-carbon Bitcoin mining facility operator TeraWulf Inc. NASDAQ: WULF soared in the late summer and early fall last year, but the final weeks of 2025 brought zig-zagging share prices. Like IREN above, TeraWulf is known for its environmentally-conscious approach to crypto mining, focused on sustainable power generation through hydroelectric and similar operations.

Also like IREN, TeraWulf is utilizing its pre-existing crypto mining infrastructure to shift toward AI and data center business. In the last quarter, for instance, the company signed a 10-year hosting agreement with FluidStack, which should generate an expected $670 million in average annual revenue. However, net losses widened on fair-value remeasurement of outstanding warrants, despite a 25% year-over-year improvement to non-GAAP adjusted EBITDA to $18.1 million.

WULF shares have an exceptionally high level of short interest at 32.3% of the public float. Depending upon an investor's risk tolerance and approach, this may constitute either an outstanding opportunity for a near-term breakout or a reflection of deeper risks that should be avoided. For what it's worth, Wall Street remains optimistic, with a majority of ratings coming in at Buy or equivalent and a predicted 41% in upside potential.

Major Contracts Could Fuel Cipher's Continued Rise

Cipher Mining Inc. NASDAQ: CIFR has Bitcoin mining operations across the country, but like the firms above, its biggest moves in recent months have been toward the data center business. It recently signed a 15-year, 300-MW direct lease with Amazon NASDAQ: AMZN Web Services, which should generate about $5.5 billion in contract revenue over its initial term. It has also secured a deal with FluidStack as well.

Financing these projects could be somewhat difficult, and supply chain and equipment timing concerns may impact timelines or increase costs. However, Cipher's balance sheet is fairly strong and continues to generate cash flow through Bitcoin mining—the company generated about $72 million in revenue from mining in the last quarter. Like the other names on this list, Cipher's shares skyrocketed throughout 2025 before some turbulence at the end of the year, but analysts expect positive trends and 37% upside going forward.