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Crypto mining stocks lag behind: Bitcoin has rallied 22% in this cycle, while the median gain of 10 major mining stocks is just 1.8%.

2026.09.10 02:39:13

Since August 17, Bitcoin’s price has climbed roughly 22%, with crypto trading platforms and stablecoin-linked stocks also rallying in step—but Bitcoin mining firms have clearly lagged. An analysis of 11 Bitcoin mining and related companies found only Canaan Inc. outperformed BTC, while the remaining 10 all underperformed, with a median gain of just 1.8% over the period. Core Scientific and Terawulf were the worst performers, trailing Bitcoin by 27% and 24% respectively. Analysts point out that some mining firms have shifted to high-performance computing (HPC) and AI data center operations in recent years. While this transition has helped prop up their share prices during the crypto bear market, it has also diverted focus from Bitcoin mining and introduced additional operational risks. That said, the dual strategy of operating both AI data centers and Bitcoin mining could become a long-term advantage for miners: mining operations benefit during bull markets, while AI data centers can strengthen corporate balance sheets when the crypto market is in a downturn.

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