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Bitcoin miners lag as crypto exchanges and stablecoins surge
Bitcoin has risen about 22% since Aug. 17, while The Block found most tracked bitcoin miners have gained far less, with a median return of 1.8%.
Bitcoin has climbed roughly 22% since Aug. 17, but the rally has not lifted bitcoin miners the same way, according to The Block’s Data and Insights newsletter.
The outlet said crypto exchanges have traded at parity with bitcoin, with examples including crypto-native venues such as Bullish and Coinbase, along with Robinhood’s exchange offering within a broader app that includes banking and credit cards.
Stablecoins have also moved in line with bitcoin, The Block noted, citing Circle’s USDC and Figure, which operates a tokenized HELOC product.
Among tracked companies, Canaan was the lone bitcoin mining name to outperform BTC since the start of the bull market, while the other 10 miners and mining-adjacent businesses underperformed, with a median return of 1.8%. The Block also pointed to Core Scientific and Terawulf as laggards that have fallen behind bitcoin by 27% and 24% respectively, and said some miners have pivoted to high-performance computing components for AI data centers, a shift that can support balance sheets but also splits operational focus.
It adds that miners can benefit on both sides because bitcoin mining tends to be lucrative in bull markets, while AI data center build-outs can help during crypto drawdowns.
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