The mining business
Mining Intelligence
A rising Bitcoin price does not guarantee a good mining business.
Bitcoin beat the median mining share by 34.6 points. The network can grow while shareholders still lose ground.
Did the shares really beat Bitcoin?
Both lines start at 100. The miner line is the middle result across all eight shares, so one winner cannot draw the whole picture.
BitcoinMedian listed miner
Bitcoin beat the median mining share by 34.6 points. The network can grow while shareholders still lose ground.
What remains after Bitcoin?
This removes the part of each 30-day share move normally associated with Bitcoin. A positive bar means the company did more than its recent Bitcoin relationship would suggest.
1 of 8 miners still beat their Bitcoin-adjusted mark. The gap between the best and worst share was 43.9 percentage points, so choosing the company mattered as much as choosing the theme.
Price versus network competition
Both lines begin at 100. Hashrate measures how much computing power is competing for each block. If it rises faster than Bitcoin, the same reward is being chased by more machines.
Bitcoin priceNetwork hashrate
Bitcoin's 30-day move minus network growth is +21.6%. A negative reading means competition grew faster than the coin price.
The power pivot changes the trade
Several miners now pitch power and data-centre capacity alongside Bitcoin production. This compares that basket with the mining-heavy basket. It is a share-price split, not proof that AI contracts are profitable.
Power and data-centre basket
-16.0% over 30 trading days across IREN, CORZ, CIFR and WULF.
Mining-heavy basket
-9.6% across MARA, RIOT, CLSK and HUT.
The gap
-6.3%. When this widens, investors may be paying for power access rather than mined Bitcoin.
Company scorecard
“After Bitcoin” is the 30-day share move left after allowing for how strongly each stock usually moves with Bitcoin. A Bitcoin response of 2 means the share has recently tended to move about twice as much.
Swipe the table, or focus it and use the arrow keys.
| Ticker | Company | 5 days | 30 days | 90 days | After Bitcoin | Bitcoin response | Trading pace | 20-day line |
|---|---|---|---|---|---|---|---|---|
| IREN | IREN | +26.0% | +20.5% | +0.5% | +1.1% | 0.84 | 0.9× | Above |
| RIOT | Riot Platforms | +14.8% | -3.2% | +31.6% | -21.9% | 0.81 | 0.7× | Above |
| MARA | MARA Holdings | +6.0% | -6.7% | +2.6% | -36.2% | 1.28 | 0.8× | Above |
| WULF | TeraWulf | +7.6% | -10.6% | -20.6% | -22.4% | 0.51 | 0.8× | Above |
| CLSK | CleanSpark | +8.8% | -12.6% | +7.6% | -36.5% | 1.04 | 0.7× | Above |
| HUT | Hut 8 | +17.8% | -15.0% | +29.7% | -24.9% | 0.43 | 0.9× | Above |
| CORZ | Core Scientific | +8.4% | -21.4% | -10.6% | -30.9% | 0.41 | 1.0× | Below |
| CIFR | Cipher Mining | +16.9% | -23.4% | +2.8% | -39.8% | 0.71 | 0.7× | Above |
The typical share has recently moved 0.76 times as much as Bitcoin. This is why a modest Bitcoin move can turn into a much larger share move in either direction.
Follow the business
Mining depends on more than the coin. Continue into the systems that carry transactions, or check whether a new filing or market move has changed the picture.