Comprehensive Stock Comparison
Compare Hut 8 Corp. (HUT) vs IREN Limited (IREN) vs Bitmine Immersion Technologies, Inc. (BMNR) vs TeraWulf Inc. (WULF) vs Cipher Mining Inc. (CIFR) Stock
Analyze side-by-side fundamentals, valuation, growth, and profitability to decide which stock is the better buy.
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Quick Verdict
| Category | Winner | Why |
|---|---|---|
| Growth | IREN | 167.7% revenue growth vs HUT's 44.8% |
| Value | BMNR | Better valuation composite |
| Quality / Margins | BMNR | 57.2% net margin vs CIFR's -367.2% |
| Stability / Safety | IREN | Beta 2.01 vs CIFR's 2.81 |
| Dividends | Tie | Neither pays a meaningful dividend |
| Momentum (1Y) | IREN | +397.0% vs BMNR's +251.7% |
| Efficiency (ROA) | IREN | -0.2% ROA vs BMNR's -42.3%, ROIC 0.7% vs 7.7% |
Who Each Stock Is For
Income & stability
Growth exposure
Long-term compounding (10Y)
Sleep-well-at-night portfolio
Defensive / Recession hedge
Business Model
What each company does and how it makes money
Hut 8 is a vertically integrated Bitcoin mining company that operates large-scale data centers powered by energy infrastructure. It generates revenue primarily from Bitcoin mining rewards — converting electricity into digital assets — with additional income from high-performance computing services. The company's key advantage is its vertically integrated model combining energy infrastructure ownership with mining operations, which provides cost control and operational efficiency.
IREN Limited is a vertically integrated Bitcoin mining company that operates data centers and computing infrastructure in Australia and Canada. It generates revenue primarily from Bitcoin mining rewards — converting electricity into digital assets — with additional income from data center services and infrastructure operations. The company's competitive advantage lies in its vertical integration — controlling power sourcing, infrastructure, and mining operations — which provides cost efficiency and operational control in the energy-intensive mining industry.
Bitmine Immersion Technologies operates as a blockchain infrastructure company that hosts cryptocurrency mining equipment for third parties and engages in self-mining for its own account. It generates revenue primarily from hosting fees paid by clients for mining equipment operation—including power, cooling, and security services—and from mining rewards earned through its own operations. The company's competitive advantage lies in its specialized data center infrastructure with proprietary thermodynamic management systems that optimize mining efficiency and reduce energy costs.
TeraWulf is a bitcoin mining company that develops, owns, and operates large-scale mining facilities in the United States. It generates revenue primarily from bitcoin mining rewards — converting electricity into digital assets — with additional income from hosting services for other miners. The company's competitive advantage lies in its access to low-cost, sustainable energy sources — particularly nuclear and hydroelectric power — which gives it superior mining economics.
Cipher Mining is a Bitcoin mining company that operates large-scale data centers to validate transactions and earn newly minted Bitcoin. It generates revenue primarily from Bitcoin mining rewards — which account for nearly all its income — with a small portion from transaction fees. The company's competitive advantage lies in its strategic access to low-cost renewable energy in Texas and its vertically integrated operations that control both mining hardware and infrastructure.
Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
Segment breakdown not available.
Financial Metrics Comparison
Side-by-side fundamentals across 5 stocks. BestLagging
Financial Scorecard
BMNR leads in 2 of 6 categories (Financial Metrics, Valuation Metrics). IREN leads in 1 (Profitability & Efficiency). 1 tied.
Financial Metrics (TTM)
IREN is the larger business by revenue, generating $501M annually — 82.2x BMNR's $6M. BMNR is the more profitable business, keeping 57.2% of every revenue dollar as net income compared to CIFR's -3.7%.
| Metric | HUTHut 8 Corp. | IRENIREN Limited | BMNRBitmine Immersion… | WULFTeraWulf Inc. | CIFRCipher Mining Inc. |
|---|---|---|---|---|---|
| RevenueTrailing 12 months | $235M | $501M | $6M | $140M | $224M |
| EBITDAEarnings before interest/tax | -$220M | $62M | $224M | -$72M | $29M |
| Net IncomeAfter-tax profit | -$226M | -$16M | -$4.9B | -$564M | -$822M |
| Free Cash FlowCash after capex | -$342M | -$260M | -$234M | -$677M | -$696M |
| Gross MarginGross profit ÷ Revenue | +91.3% | +68.3% | +5.1% | +55.3% | -60.5% |
| Operating MarginEBIT ÷ Revenue | -136.9% | +3.5% | +72.9% | -54.4% | -76.7% |
| Net MarginNet income ÷ Revenue | -96.2% | +17.4% | +57.2% | -51.7% | -3.7% |
| FCF MarginFCF ÷ Revenue | -145.5% | -2.2% | -85.5% | -2.1% | -3.1% |
| Rev. Growth (YoY)Latest quarter vs prior year | — | — | — | — | — |
| EPS Growth (YoY)Latest quarter vs prior year | -5.5% | -7.1% | -11051.7% | -17.7% | -36.6% |
Valuation Metrics
At 1.4x trailing earnings, BMNR trades at a 99% valuation discount to IREN's 105.0x P/E. On an enterprise value basis, BMNR's 16.3x EV/EBITDA is more attractive than CIFR's 199.0x.
| Metric | HUTHut 8 Corp. | IRENIREN Limited | BMNRBitmine Immersion… | WULFTeraWulf Inc. | CIFRCipher Mining Inc. |
|---|---|---|---|---|---|
| Market CapShares × price | $5.9B | $13.6B | $7.8B | $7.1B | $6.3B |
| Enterprise ValueMkt cap + debt − cash | $6.2B | $14.0B | $7.2B | $7.3B | $5.7B |
| Trailing P/EPrice ÷ TTM EPS | -24.87x | 105.00x | 1.42x | -77.24x | -7.26x |
| Forward P/EPrice ÷ next-FY EPS est. | — | 117.77x | — | — | — |
| PEG RatioP/E ÷ EPS growth rate | — | — | — | — | — |
| EV / EBITDAEnterprise value multiple | — | 70.58x | 16.28x | — | 199.04x |
| Price / SalesMarket cap ÷ Revenue | 24.92x | 27.16x | 1272.33x | 50.87x | 28.21x |
| Price / BookPrice ÷ Book value/share | 3.32x | 5.03x | 0.05x | 23.31x | 7.12x |
| Price / FCFMarket cap ÷ FCF | — | — | — | — | — |
Profitability & Efficiency
IREN delivers a -0.6% return on equity — every $100 of shareholder capital generates $-1 in annual profit, vs $-2 for WULF. CIFR carries lower financial leverage with a 0.07x debt-to-equity ratio, signaling a more conservative balance sheet compared to WULF's 2.01x. On the Piotroski fundamental quality scale (0–9), IREN scores 6/9 vs CIFR's 3/9, reflecting solid financial health.
| Metric | HUTHut 8 Corp. | IRENIREN Limited | BMNRBitmine Immersion… | WULFTeraWulf Inc. | CIFRCipher Mining Inc. |
|---|---|---|---|---|---|
| ROE (TTM)Return on equity | -13.4% | -0.6% | -43.1% | -2.3% | -98.4% |
| ROA (TTM)Return on assets | -8.2% | -0.2% | -42.3% | -23.0% | -19.2% |
| ROICReturn on invested capital | -14.0% | +0.7% | +7.7% | -10.6% | -15.8% |
| ROCEReturn on capital employed | -17.2% | +0.9% | +10.1% | -15.9% | -8.0% |
| Piotroski ScoreFundamental quality 0–9 | 3 | 6 | 4 | 3 | 3 |
| Debt / EquityFinancial leverage | 0.25x | 0.53x | — | 2.01x | 0.07x |
| Net DebtTotal debt minus cash | $384M | $400M | -$512M | $217M | -$573M |
| Cash & Equiv.Liquid assets | $45M | $565M | $512M | $274M | $628M |
| Total DebtShort + long-term debt | $429M | $964M | $0 | $491M | $55M |
| Interest CoverageEBIT ÷ Interest expense | -10.71x | 31.42x | -12890.65x | -27.06x | -5.25x |
Total Returns (with DRIP)
A $10,000 investment in WULF five years ago would be worth $21,413 today (with dividends reinvested), compared to $601 for BMNR. Over the past 12 months, IREN leads with a +397.0% total return vs BMNR's +251.7%. The 3-year compound annual growth rate (CAGR) favors WULF at 193.7% vs BMNR's -1.7% — a key indicator of consistent wealth creation.
| Metric | HUTHut 8 Corp. | IRENIREN Limited | BMNRBitmine Immersion… | WULFTeraWulf Inc. | CIFRCipher Mining Inc. |
|---|---|---|---|---|---|
| YTD ReturnYear-to-date | +3.8% | -4.1% | -39.1% | +27.3% | -3.7% |
| 1-Year ReturnPast 12 months | +260.9% | +397.0% | +251.7% | +287.1% | +282.4% |
| 3-Year ReturnCumulative with dividends | +545.2% | +1378.3% | -5.0% | +2434.4% | +926.3% |
| 5-Year ReturnCumulative with dividends | +17.6% | +67.5% | -94.0% | +114.1% | +50.7% |
| 10-Year ReturnCumulative with dividends | +195.9% | +67.5% | -50.5% | +77.6% | +57.6% |
| CAGR (3Y)Annualised 3-year return | +86.2% | +145.4% | -1.7% | +193.7% | +117.3% |
Risk & Volatility
IREN is the less volatile stock with a 2.01 beta — it tends to amplify market swings less than CIFR's 2.81 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. WULF currently trades 87.6% from its 52-week high vs BMNR's 11.8% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | HUTHut 8 Corp. | IRENIREN Limited | BMNRBitmine Immersion… | WULFTeraWulf Inc. | CIFRCipher Mining Inc. |
|---|---|---|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 2.67x | 2.01x | 2.38x | 2.58x | 2.81x |
| 52-Week HighHighest price in past year | $66.07 | $76.87 | $161.00 | $18.51 | $25.52 |
| 52-Week LowLowest price in past year | $10.04 | $5.13 | $3.92 | $2.06 | $1.86 |
| % of 52W HighCurrent price vs 52-week peak | +80.6% | +53.3% | +11.8% | +87.6% | +61.1% |
| RSI (14)Momentum oscillator 0–100 | 50.1 | 47.9 | 41.9 | 64.4 | 51.0 |
| Avg Volume (50D)Average daily shares traded | 4.7M | 34.2M | 36.1M | 24.9M | 25.2M |
Analyst Outlook
Analyst consensus: HUT as "Buy", IREN as "Buy", BMNR as "Buy", WULF as "Buy", CIFR as "Buy". Consensus price targets imply 105.5% upside for BMNR (target: $39) vs 31.7% for HUT (target: $70).
| Metric | HUTHut 8 Corp. | IRENIREN Limited | BMNRBitmine Immersion… | WULFTeraWulf Inc. | CIFRCipher Mining Inc. |
|---|---|---|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Buy | Buy | Buy | Buy | Buy |
| Price TargetConsensus 12-month target | $70.10 | $74.20 | $39.00 | $22.50 | $26.31 |
| # AnalystsCovering analysts | 14 | 13 | 1 | 11 | 12 |
| Dividend YieldAnnual dividend ÷ price | — | — | — | — | — |
| Dividend StreakConsecutive years of raises | — | — | 1 | 1 | — |
| Dividend / ShareAnnual DPS | — | — | — | — | — |
| Buyback YieldShare repurchases ÷ mkt cap | 0.0% | 0.0% | 0.0% | +1.7% | +1.4% |
Historical Charts
Charts are rendered on first load. Hover for details.
Chart 1Total Return — 5 Years (Rebased to 100)
| Stock | Dec 21 | Feb 26 | Change |
|---|---|---|---|
| Hut 8 Corp. (HUT) | 100 | 95.38 | -4.6% |
| IREN Limited (IREN) | 75.54 | 217.1 | +187.4% |
| Bitmine Immersion T… (BMNR) | 100 | 32.11 | -67.9% |
| TeraWulf Inc. (WULF) | 100 | 40.2 | -59.8% |
| Cipher Mining Inc. (CIFR) | 100 | 205.59 | +105.6% |
TeraWulf Inc. (WULF) returned +114% over 5 years vs Bitmine Immersion T… (BMNR)'s -94%. A $10,000 investment in WULF 5 years ago would be worth $21,413 today (including dividends reinvested).
Chart 2Revenue Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Hut 8 Corp. (HUT) | $0.00 | $235M | — |
| IREN Limited (IREN) | $1053.00 | $501M | +47580431.8% |
| Bitmine Immersion T… (BMNR) | $0.00 | $6M | — |
| TeraWulf Inc. (WULF) | $18M | $140M | +697.1% |
| Cipher Mining Inc. (CIFR) | $0.00 | $224M | — |
Hut 8 Corp.'s revenue grew from $0M (2016) to $235M (2025) — a 0.0% CAGR.
Chart 3Net Margin Trend — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Hut 8 Corp. (HUT) | 8.4% | -96.2% | -1243.1% |
| IREN Limited (IREN) | -153.0% | 17.4% | +111.3% |
| Bitmine Immersion T… (BMNR) | -4.7% | 57.2% | +1319.7% |
| TeraWulf Inc. (WULF) | -0.4% | -51.7% | -13863.9% |
| Cipher Mining Inc. (CIFR) | -12.9% | -3.7% | +71.4% |
Chart 4P/E Ratio History — 4 Years
| Stock | 2019 | 2024 | Change |
|---|---|---|---|
| Hut 8 Corp. (HUT) | 39.2 | 6 | -84.7% |
Hut 8 Corp. has traded in a 6x–39x P/E range over 4 years; current trailing P/E is ~-25x.
Chart 5EPS Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Hut 8 Corp. (HUT) | -9.32 | -2.14 | +77.0% |
| IREN Limited (IREN) | -0.01 | 0.39 | +4039.4% |
| Bitmine Immersion T… (BMNR) | -0 | 13.39 | +1673850.0% |
| TeraWulf Inc. (WULF) | -0.03 | -0.21 | -552.2% |
| Cipher Mining Inc. (CIFR) | -0.01 | -2.15 | -42900.0% |
Hut 8 Corp.'s EPS grew from $-9.32 (2016) to $-2.14 (2025).
Chart 6Free Cash Flow — 5 Years
Hut 8 Corp. generated $-342M FCF in 2025 (-105% vs 2021). IREN Limited generated $-1B FCF in 2025 (-27170% vs 2021).
HUT vs IREN vs BMNR vs WULF vs CIFR: Key Questions Answered
9 questions · data-driven answers · updated daily
01Is HUT or IREN or BMNR or WULF or CIFR a better buy right now?
Bitmine Immersion Technologies, Inc. (BMNR) offers the better valuation at 1.4x trailing P/E, making it the more compelling value choice. Analysts rate Hut 8 Corp. (HUT) a "Buy" — based on 14 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.
02Which has the better valuation — HUT or IREN or BMNR or WULF or CIFR?
On trailing P/E, Bitmine Immersion Technologies, Inc. (BMNR) is the cheapest at 1.4x versus IREN Limited at 105.0x.
03Which is the better long-term investment — HUT or IREN or BMNR or WULF or CIFR?
Over the past 5 years, TeraWulf Inc. (WULF) delivered a total return of +114.1%, compared to -94.0% for Bitmine Immersion Technologies, Inc. (BMNR). A $10,000 investment in WULF five years ago would be worth approximately $21K today (assuming dividends reinvested). Over 10 years, the gap is even starker: HUT returned +195.9% versus BMNR's -50.5%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
04Which is safer — HUT or IREN or BMNR or WULF or CIFR?
By beta (market sensitivity over 5 years), IREN Limited (IREN) is the lower-risk stock at 2.01β versus Cipher Mining Inc.'s 2.81β — meaning CIFR is approximately 40% more volatile than IREN relative to the S&P 500. On balance sheet safety, Cipher Mining Inc. (CIFR) carries a lower debt/equity ratio of 7% versus 2% for TeraWulf Inc. — giving it more financial flexibility in a downturn.
05Which has better profit margins — HUT or IREN or BMNR or WULF or CIFR?
Bitmine Immersion Technologies, Inc. (BMNR) is the more profitable company, earning 57.2% net margin versus -367.2% for Cipher Mining Inc. — meaning it keeps 57.2% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: BMNR leads at 72.9% versus -136.9% for HUT. At the gross margin level — before operating expenses — HUT leads at 91.3%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.
06Is HUT or IREN or BMNR or WULF or CIFR more undervalued right now?
Analyst consensus price targets imply the most upside for BMNR: 105.5% to $39.00.
07Which pays a better dividend — HUT or IREN or BMNR or WULF or CIFR?
None of the stocks in this comparison currently pay a material dividend. All are effectively zero-yield and should be held for capital appreciation rather than income.
08Is HUT or IREN or BMNR or WULF or CIFR better for a retirement portfolio?
For long-horizon retirement investors, Hut 8 Corp. (HUT) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (+195.9% 10Y return). Bitmine Immersion Technologies, Inc. (BMNR) carries a higher beta of 2.38 — meaning larger drawdowns in market downturns, which matters significantly when you cannot wait years for a recovery. Both have compounded well over 10 years (HUT: +195.9%, BMNR: -50.5%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.
09What are the main differences between HUT and IREN and BMNR and WULF and CIFR?
Both stocks operate in the Financial Services sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both. In terms of investment character: HUT is a small-cap quality compounder stock; IREN is a mid-cap quality compounder stock; BMNR is a small-cap deep-value stock; WULF is a small-cap quality compounder stock; CIFR is a small-cap quality compounder stock. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.
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