Miner Stocks Surge on AI and HPC Gains Despite Weak Mining Economics
Bitcoin miner stocks have staged a broad recovery in 2026, but the gains are not solely due to improved mining economics. Instead, revenue from AI and high-performance computing (HPC) infrastructure has been driving growth.
According to CryptoQuant, RIOT shares gained 83%, HUT rose 72%, BITF increased by 50%, and CORZ climbed 31%. The rally continued through June, despite a decline in mining revenue.
This divergence suggests investors are valuing miners for their power capacity, grid connections, and data-center assets. However, not all companies have benefited equally from this trend.
Underlying Bitcoin mining economics remain weak, with the Puell Multiple sitting at 0.74, below its annual average. The hashrate decline of only 23% has kept competition relatively high, compressing revenue per unit of computing power.