Miners' Stocks Diverge from Bitcoin's Price as HPC Contracts Gain Weight

The cryptocurrency market experienced a significant rally, with Bitcoin gaining 21.5% from August 17 to August 21. However, six out of seven large US-listed miners saw their stocks decline during this period.

MARA Holdings was the only miner that rose significantly, increasing by 16.1%, while others such as Cipher Digital and TeraWulf fell by 14.8% and 11.2% respectively.

The divergence between Bitcoin's price and the miners' stock performance can be attributed to their shift towards high-performance computing (HPC) contracts, which are less volatile than cryptocurrency mining revenue.

CryptoSlate analyzed data from August 2024 to August 2026 and found that the correlation between Bitcoin's price and the miners' stocks has weakened over time. The beta of six out of seven companies declined during this period, indicating a reduced sensitivity to Bitcoin's price movements.