Bitcoin Miner Stocks Trail Bull Run, Lagging Exchange and Stablecoin Shares
Summary
- Bitcoin mining companies have continued to underperform even as Bitcoin (BTC) rallies in the current bull market.
- Over the same period, crypto exchange-related stocks and stablecoin-related stocks posted returns similar to Bitcoin’s gains.
- The expansion by mining companies into AI data centers and high-performance computing, or HPC, infrastructure has prevented mining-sector earnings from being fully reflected during the bull market.
Forecast Trend Report by Period
Most crypto-related stocks have risen during Bitcoin’s bull run, but Bitcoin mining shares alone have continued to lag.
The Block, a crypto-focused media outlet, reported on September 9 that Bitcoin has climbed about 22% since August 17. Over the same period, crypto exchange-related stocks such as Coinbase and Bullish, along with stablecoin-related shares including Circle and Figure, delivered returns roughly in line with Bitcoin.
Mining companies, by contrast, fell well behind. Of the 11 mining-related companies tracked by The Block, only mining equipment maker Canaan outperformed Bitcoin. The median return for the other 10 companies was just 1.8% since the rally began.
Core Scientific and TeraWulf were among the weakest performers. Their returns trailed Bitcoin by 27 percentage points and 24 percentage points, respectively.
The weak showing reflects miners’ shift toward AI data center businesses. As more companies move into high-performance computing, or HPC, infrastructure, their focus on core mining operations has diminished. The Block said that while such diversification helped support share prices during crypto bear markets, it has instead prevented mining-sector earnings from being fully reflected during the current bull run.
