Bitcoin Miners Lag as Crypto Market Sees 22% Rally, Exchanges and Stablecoins Thrive
Bitcoin miners have underperformed the broader cryptocurrency market since the August 17 bull run began. While Bitcoin (BTC) has seen a 22% gain, publicly tracked mining companies have returned just 1.8%. This is despite efforts to diversify into AI data centers during the bear market.
The move helped stabilize their stock prices during the downturn but introduced divided management focus and additional operational risks that continue to weigh on share performance during the current rally. Canaan (CCAN), a mining rig manufacturer, is the only company in the group to outperform BTC.
Core Scientific (CCORZ) and Terawulf (TWULF) have underperformed BTC by 27% and 24%, respectively, since the bull market started. Exchanges like Bullish, Coinbase, and Robinhood, as well as stablecoin-linked companies like Circle and Figure, have closely matched BTC's performance.
This dynamic has not yet shown up in their stock prices, despite miners operating AI data center businesses potentially benefiting from both sides of the market.