Bitcoin’s August rally has revived some of the mining sector’s most heavily beaten-down stocks, reversing a stretch in which investors had favored miners shifting toward artificial intelligence and high-performance computing. According to BlocksBridge Consulting’s latest Miner Weekly newsletter, the move suggests the market may once again be rewarding direct Bitcoin exposure.
BlocksBridge said Bitcoin (BTC) rose roughly 23% over the past week, outperforming most AI-linked infrastructure stocks. Three lagging Bitcoin mining companies — Canaan, American Bitcoin and Cango — climbed between 41% and 67%.
For comparison, CoreWeave rose about 21%, Nebius gained 17% and IREN advanced 15%. Some miners with heavier exposure to AI and HPC were flat or moved lower.
Three catalysts cited by BlocksBridge
BlocksBridge pointed to three catalysts behind Bitcoin’s rally.
- First, the US Treasury Department announced on Aug. 19 that it would at least double the size of its liquidity-support buybacks for longer-dated Treasury securities.
- Second, regulatory optimism improved after a White House meeting with crypto executives, where US President Donald Trump urged Congress to pass a “fair version” of the CLARITY Act, a stalled crypto market structure bill.
- Third, Bitcoin’s breakout triggered a sharp short squeeze, with more than $1.6 billion in crypto positions liquidated over a 24-hour period.
Bitcoin price still has strong influence on mining stocks
The findings align with earlier Cointelegraph reporting that Bitcoin’s rally had lifted crypto-related equities, including Bitcoin miners. The latest gains show that Bitcoin’s price still exerts strong influence over mining stocks, even as many miners have spent recent years shifting their focus toward AI and HPC infrastructure.
In a separate recent analysis, BlocksBridge found that publicly traded Bitcoin miners have invested roughly $15 in AI data centers for every $1 in AI-related revenue generated. The figures point to a large gap between spending and revenue in that segment.
So far in 2026, nine public miners generated $341.2 million in AI and HPC revenue, compared with $5.11 billion in capital expenditures tied to the technology.