Bitcoin Jumps, but Mining Companies Remain Sidelined 

Since the beginning of the bull market, cryptocurrency-related stocks have generally followed Bitcoin’s recent progress. However, mining companies show a very different trajectory. Since August 17, the price has gained about 22%, while exchanges and companies have moved more in line with the market. This divergence draws attention to miners’ stock performances, while several players are also developing computing infrastructures for artificial intelligence.

Bitcoin miners remain sidelined

Since August 17, the price of bitcoin has risen by 22%. Exchanges and companies have moved in tandem with this increase. Bullish, Coinbase, and Robinhood are among the players mentioned in the Block report. For stablecoins, Circle and Figure, a company specializing in tokenized mortgages, complete this group.

Mining companies present a less favorable record. Canaan is the only exception, having outperformed Bitcoin. The other ten mining companies show lower performance than BTC. Their median yield reaches only 1.8%.

Core Scientific and Terawulf are among the most sidelined companies. They underperformed Bitcoin by 27% and 24%. The rise of the digital asset does not automatically produce an equivalent rise in mining stocks. Operational risks weigh on their prices.

The turn towards AI data centers

Several miners have started a conversion to HPC infrastructures intended for AI data centers. This evolution supported some stock prices during the decline. However, it split attention between mining and IT infrastructures. Risks remain present.

Bitcoin maintains an important place in this model. Mining can become profitable when the market rises, while AI data centers can strengthen balance sheets during crypto downturns. Companies are therefore seeking two different engines. This strategy can produce a trajectory different from Bitcoin’s.

In the short term, investors will continue to monitor the gap between Bitcoin and mining stocks. Performance will depend on the crypto market and HPC activities. Diversification can support balance sheets during declines. A mining recovery could improve results.

The trajectory of mining companies will depend on the balance between their crypto activities and HPC projects. If the market rises, mining can support their results. During downturns, AI infrastructures could offer another relay. The gap with Bitcoin will thus remain an important benchmark in the medium term.