Bitcoin’s 23% rally over the past week has reignited gains for some of the most depressed mining stocks, reversing a multi-quarter trend that favored miners shifting toward artificial intelligence and high-performance computing. According to BlocksBridge Consulting’s latest Miner Weekly report, shares in Canaan, American Bitcoin and Cango advanced between 41% and 67%, outpacing AI-linked infrastructure peers such as CoreWeave, Nebius and IREN.
The divergence highlights investors’ renewed appetite for direct exposure to Bitcoin, even as miners diversify into AI and HPC. BlocksBridge identified three primary catalysts behind Bitcoin’s advance. The first was the U.S. Treasury’s Aug. 19 announcement that it would at least double the size of its liquidity-support buybacks for longer-dated Treasury securities. The second was growing regulatory optimism following a White House meeting with crypto executives, during which President Donald Trump urged Congress to pass a revised version of the CLARITY Act, a stalled crypto market structure bill. The third was a sharp short squeeze, with more than $1.6 billion in crypto positions liquidated over 24 hours.
The outperformance of Bitcoin mining-focused stocks contrasts with declines or modest gains among miners with heavier exposure to AI and HPC. Despite the sector’s pivot toward AI infrastructure, Bitcoin’s price remains a dominant driver for miner valuations. BlocksBridge’s analysis found that publicly traded miners have invested roughly $15 in AI data centers for every $1 in AI-related revenue generated so far this year. Nine public miners reported $341.2 million in AI and HPC revenue in 2026, compared with $5.11 billion in capital expenditures on the technology.
The rally underscores the persistent link between Bitcoin’s price and miner equities, even as companies expand into alternative revenue streams.
