Bitcoin Mining Stocks Struggle to Keep Pace in Bull Market

Bitcoin mining stocks have underperformed during the current bull market, lagging behind crypto exchange and stablecoin shares.

According to The Block's data, since August 17, Bitcoin has risen about 22%. Over the same period, crypto exchange-linked stocks such as Coinbase and Bullish delivered returns roughly in line with Bitcoin. In contrast, mining companies have remained weak.

Among the 11 mining-related companies tracked by The Block, only Canaan outperformed Bitcoin. The median return for the other 10 companies was just 1.8% since the rally began. Core Scientific and TeraWulf stood out as particularly weak performers, with returns trailing Bitcoin by 27 percentage points and 24 percentage points, respectively.

The underperformance reflects miners' shift toward artificial intelligence data center businesses. While this diversification has helped support share prices during crypto downturns, it has also prevented the market from fully pricing in mining-segment earnings during the current bull market.