How miners managed to overtake Bitcoin
After nearly two years of lagging, mining stocks have begun to grow faster than Bitcoin itself for the first time. According to Ecoinometrics, their share price growth has significantly outpaced BTC since September 2025.
The rapid growth of mining stocks isn't due to the crypto market dynamics. We explain how this happened and what it means.
What is cryptocurrency mining in simple terms?
What has changed?
Previously, the value of miners' shares depended directly on the Bitcoin price: the more expensive the coin, the higher the profit. Now the situation is different.
Several public companies, including Iris Energy and Cipher Mining, have dedicated some of their computing power to artificial intelligence. Their data centers, which previously focused solely on cryptocurrency mining, now support machine learning and generative AI projects.
The move proved profitable. In 2025, demand for computing resources for AI platforms and startups skyrocketed. Companies that capitalized on this trend saw additional revenue, surpassing their peers who continued to mine Bitcoin exclusively. As a result, the stock price of mining companies betting on AI outpaced BTC itself.
How the correlation between mining stocks and Bitcoin has changed. Source: ecoinometrics
Why is this important?
- A new source of income. Miners are no longer solely dependent on the Bitcoin price. Income from AI computations helps mitigate periods when mining becomes less profitable.
- Investor interest is growing. Shares of companies diversifying their businesses appear more stable. For the stock market, this is a signal that the sector is becoming less risky.
- The general convergence of crypto and AI. Both sectors rely on powerful data centers and abundant energy resources. Miners are effectively becoming part of the AI market infrastructure.
- The beginning of a new trend. If Iris Energy and Cipher Mining's success continues, other companies may also embrace AI. This will create a hybrid market where resources are distributed between crypto and AI based on demand.
Result
Mining stocks are growing faster than Bitcoin not because of positive price dynamics in the crypto market, but because part of the industry is transitioning to artificial intelligence. This process could completely change the role of mining, transforming it from a niche industry into a part of the larger technological economy.
Source: cryptonews.net
