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Crypto

Miners Left Behind as Bitcoin Surges

Guavy AI Editorial Team
Instruments
BTC
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Bitcoin miners are underperforming compared to other parts of the cryptocurrency market. Since August 17, Bitcoin's price has increased by nearly 22%, but mining companies have only seen an average median profit margin of 1.8%. This leaves them 20.2 percentage points behind Bitcoin's gain.

The Block's data analysis on September 9 showed that among the top 10 miners, Canaan is the only one outperforming Bitcoin. Other major miners like Core Scientific and TeraWulf lagged behind by 27% and 24%, respectively.

This divergence suggests that investors are increasingly rewarding businesses that monetize trading, stablecoins, and settlement infrastructure while treating mining as a capital-intensive business carrying both commodity and AI execution risks.

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