Bitcoin has risen about 22% since Aug. 17, but listed bitcoin miners have not kept pace. According to an analysis cited by BlockBeats on Sept. 10, only Canaan outperformed BTC among 11 bitcoin mining companies and related firms, while the other 10 all trailed the cryptocurrency. The median gain for those 10 stocks was just 1.8% over the same period.
Core Scientific and Terawulf ranked among the weakest performers, lagging bitcoin by 27% and 24%, respectively. The analysis said some miners have shifted in recent years toward high-performance computing, or HPC, and AI data center businesses. That move helped support share prices during the crypto bear market, but it also diverted attention from bitcoin mining operations and introduced added operational risk.
At the same time, the report said a dual strategy built around AI data centers and bitcoin mining could still become a long-term advantage. Mining operations may benefit during crypto bull markets, while AI data center exposure could help improve balance sheets when the digital asset market is under pressure.
Bitcoin has climbed about 22% since Aug. 17, while shares tied to crypto trading platforms and stablecoins have also moved higher. Bitcoin mining companies, however, have clearly lagged, according to BlockBeats on Sept. 10.
Only one company beat bitcoin
An analysis of 11 bitcoin mining companies and related firms found that only Canaan outperformed BTC. The other 10 all underperformed the cryptocurrency, with a median gain of just 1.8% during the period.
Core Scientific and Terawulf were among the weakest
Core Scientific and Terawulf posted the largest gaps versus bitcoin, trailing BTC by 27% and 24%, respectively.
HPC and AI expansion has changed the picture
The analysis said some miners have shifted in recent years toward high-performance computing (HPC) and AI data center businesses. That transition helped support their stock prices during the crypto bear market, but it also pulled focus away from bitcoin mining and brought additional operational risk.
Even so, the combination of AI data centers and bitcoin mining could become a long-term advantage for miners. Mining operations may benefit in a bull market, while AI data center businesses could help improve company balance sheets when crypto markets weaken.
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