TheBlock
Bitcoin miners have decoupled from the broader crypto rally. While BTC has climbed roughly 22% since Aug. 17, crypto exchanges and stablecoin issuers have tracked that move almost tick-for-tick. Crypto exchanges include native venues such as Bullish and Coinbase, plus superapp Robinhood with its broader banking and credit card footprint; stablecoins include USDC issuer Circle and tokenized HELOC company Figure. Against that backdrop, 10 of 11 tracked mining equities posted a median return of just 1.8%. Only Canaan (CAN), the mining rig manufacturer, beat BTC over the same window.
Why it matters
The split breaks a long-running correlation between crypto stocks and BTC. In past cycles, miners caught a leveraged bid on operating leverage and hashprice expansion when BTC rallied. This cycle that lever is bent: several miners pivoted into high-performance computing and AI data center build-outs to shore up balance sheets through the bear market, and that pivot is now splitting investor attention between two businesses with very different cash flow profiles. Operational drag from power costs to data center build-out timelines is compounding the gap.
Market impact
The worst laggards read like a roster of the AI-pivot cohort. Core Scientific (CORZ) is down 27% versus BTC since Aug. 17, with Terawulf (WULF) off 24%. The pitch that sold these stocks through the bear market, that they can ride BTC upside in bull runs while HPC and AI data center revenue smooths drawdowns, is being tested in real time. If AI build-outs under-deliver on revenue or timeline, the dual-business premium unwinds and miners lose the second leg that was holding equity valuations up.
Frequently asked questions
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Which Bitcoin miner outperformed BTC since Aug. 17?
Canaan (CAN), the mining rig manufacturer, was the only one of 11 tracked mining equities to beat BTC's 22% gain over that window.
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What is the median return for Bitcoin mining stocks in this rally?
The 10 mining equities that did not outperform BTC posted a median return of just 1.8% since Aug. 17, essentially flat versus BTC's 22% climb.
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Why are miners lagging while crypto exchanges track BTC?
Several miners pivoted into high-performance computing and AI data center build-outs during the bear market, splitting investor attention between two businesses with different cash flow profiles.
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How much have Core Scientific and Terawulf underperformed BTC?
Core Scientific (CORZ) is down 27% versus BTC since Aug. 17, with Terawulf (WULF) off 24%, putting both among the worst laggards in the tracked cohort.
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Are crypto exchanges and stablecoin stocks tracking BTC's rally?
Yes. Coinbase, Bullish, Robinhood, Circle and Figure have tracked BTC's 22% gain since Aug. 17 almost tick-for-tick, leaving miners as the clear outliers.
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