Bitcoin Miners Outpace BTC Price With Double-Digit Stock Gains as AI Pivot Accelerates
Major publicly traded Bitcoin miners are posting substantial year-to-date gains despite Bitcoin remaining down roughly 20% on the year, driven largely by aggressive expansion into AI and high-performance computing.
Several of the largest publicly traded Bitcoin mining companies have significantly outperformed Bitcoin itself this year, with stocks surging as firms accelerate their transition into artificial intelligence and high-performance computing infrastructure [1].
TeraWulf leads the peer group with year-to-date gains of approximately 85%, followed by Hut 8 at around 67% and Riot Platforms at roughly 46%. Core Scientific and Applied Digital have also posted solid advances of about 40% and 37%, respectively. The moves come while Bitcoin itself remains down nearly 20% year-to-date [1].
The strategic shift is reshaping company operations at a fundamental level. Riot Platforms reported $167.2 million in Q1 2026 revenue, with its data center segment generating $33.2 million. CEO Jason Les called the quarter an "inflection point" in the company's evolution into a data center operator [1].
Core Scientific is converting a Texas facility into an AI-focused campus targeting up to 1.5 gigawatts of capacity, repurposing roughly 300 megawatts previously dedicated to Bitcoin mining. Meanwhile, analysts at Bernstein suggested that IREN Limited could eventually wind down its Bitcoin mining entirely as it shifts toward GPU-based workloads [1].
Not all miners are thriving - Bitdeer is up just 5% year-to-date, while Trump-linked American Bitcoin Corp. has shed roughly 29% [1].
Sources
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