Bitcoin miners lag 22% Bitcoin rally

• Bitcoin (CRYPTO:BTC) has risen about 22% since August 17, while most tracked mining stocks have returned far less.
• Only Canaan has outperformed Bitcoin, while the other 10 tracked miners and mining-adjacent stocks have posted a median 1.8% return.
• Several miners have expanded into AI data centres, creating another revenue path but reducing their exposure to Bitcoin’s price moves.

Bitcoin (CRYPTO:BTC) has risen roughly 22% since August 17, while most listed Bitcoin miners have failed to match the cryptocurrency’s rally.

Canaan has been the only tracked miner to outperform Bitcoin, while the other 10 mining and mining-adjacent companies have recorded a median 1.8% return.

Several miners have shifted into high-performance computing and AI data-centre infrastructure, which has reduced their reliance on Bitcoin mining.

Core Scientific has underperformed Bitcoin by 27% since August 17, while TeraWulf has lagged by 24%.

Following the market update, Core Scientific share price was up 3.48% at $18.73 on September 9, while TeraWulf closed at $17.96.

Bitcoin mining can generate stronger returns during crypto rallies, while AI data-centre projects can support miners during weaker crypto markets.

Crypto exchanges and stablecoin companies have broadly tracked Bitcoin’s gains, with the divergence highlighting how miners have developed different business models.

At the time of reporting, Bitcoin price was $78,329.83.