Miner Stocks Soar on AI Infrastructure Bump Despite Weak Mining Economics

Bitcoin miner stocks have staged a broad recovery in 2026, driven not by mining economics but by revenue from AI and high-performance computing infrastructure. According to CryptoQuant, this trend has lifted stocks like RIOT, HUT, BITF, and CORZ by 83%, 72%, 50%, and 31% respectively.

The rally gained strength from April into June, despite mining revenues continuing to decline. This divergence suggests investors are increasingly valuing miners for their power capacity, grid connections, and data-center assets.

However, the underlying Bitcoin mining economics remain weak, widening the gap between stock performance and core operations. The Puell Multiple sat near 0.74 in June, indicating that revenues remain below their annual average.