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BTC Since the start of the bull market, cryptocurrency-related stocks have generally followed Bitcoin's recent trend, but mining companies have shown a completely different trajectory.
Bitcoin prices have risen by about 22% since August 17, while exchanges and related companies have performed closer to the overall market level. This differentiation has aroused widespread market attention to the stock price performance of mining companies. At the same time, many mining companies are also actively deploying artificial intelligence computing infrastructure.
Core Points
- Since August 17, Bitcoin has risen by about 22%, while mining stocks have lagged significantly behind.
- Canaan is one of the few mining companies to outperform Bitcoin, and the remaining ten companies all lag behind Bitcoin.
- Core Scientific and Terawulf lagged behind Bitcoin by 27% and 24%, respectively.
- Faced with cyclical fluctuations in the encryption market, many mining companies are turning to AI data center businesses to achieve diversified development.
Bitcoin miners are still marginalized
Bitcoin prices have risen 22% since August 17. Stock prices of exchanges and related companies rose simultaneously. Among the targets mentioned in the Block report, Coinbase, Robinhood, etc. belong to the bullish camp; while in the stablecoin field, Circle and Figure, a company focusing on tokenized mortgages, have also joined the ranks.
In contrast, the performance of mining companies is inferior. Canaan is the only exception, which outperforms Bitcoin. The yields of the remaining ten mining companies are lower than Bitcoin, with a median yield of only 1.8%. Among them, Core Scientific and Terawulf performed particularly poorly, lagging behind Bitcoin by 27% and 24% respectively. This shows that the rise in digital assets cannot automatically translate into the same proportion of growth in mining companies 'share prices, and operational risks still suppress the stock prices of mining companies.
The market value of cryptocurrency miners has changed significantly in the past twelve months, with different companies showing contrasting trajectories. Source: The BLOCK.
Transformation to AI data centers
Many mining companies have begun to turn to high-performance computing (HPC) infrastructure to build AI data centers. This transformation has supported the stock prices of some mining companies to a certain extent, but it has also distracted investors 'attention between mining business and IT infrastructure, and risks still exist.
Bitcoin still occupies an important position in this model. When the market goes up, mining can be profitable; while during the downturn in the crypto market, AI data centers can help strengthen balance sheets. As a result, these companies are looking for two different growth engines. This strategy may cause its share price to deviate from Bitcoin.
In the short term, investors will continue to pay attention to the gap between Bitcoin and mining stocks. The performance of mining companies will depend on the conditions of the crypto market and the progress of the HPC business. Diversification can support balance sheets during periods of market downturns, and mining companies 'own recovery is expected to improve overall performance.
The future trend of mining companies will depend on the balance between their encryption business and HPC projects. If the market recovers, mining business can support performance; and in the downward cycle, AI infrastructure can become another guarantee. Therefore, the gap with Bitcoin will remain an important benchmark in the medium term.
