AI Drives Bitcoin Miner Stock Rally Amid Weak Mining Economics

Bitcoin miner stocks have seen a broad recovery in 2026, driven by revenue generated from AI and high-performance computing (HPC) infrastructure rather than mining economics alone. According to CryptoQuant data, RIOT gained 83%, followed by HUT at 72%, BITF at 50%, and CORZ at 31%.

This rally has strengthened from April into June, even as revenue from actual mining activities continues to decline. The divergence between miner equities and core operations suggests that investors are increasingly valuing miners for their power capacity, grid connections, and data-center assets.

The underlying Bitcoin mining economics remain weak, however, with the Puell Multiple sitting at 0.74, below its annual average. This means revenues are still below their normal levels.