Bitcoin [BTC] miner equities have staged a broad recovery in 2026, although the strongest gains are not coming from mining economics alone.
Instead, revenue was generated primarily from AI and high-performance computing (HPC) infrastructure. As a result of this income, RIOT gained 83%, followed by HUT at 72%, BITF at 50%, and CORZ at 31%.
The rally strengthened from April into June, even as revenue from actual mining activities continued declining. This divergence suggests investors are increasingly valuing miners for their power capacity, grid connections, and>
However, these potential opportunities for revenue growth are not yet equally distributed among all participants within the industry. For many companies, infrastructure exposure alone is insufficient to generate meaningful contracts and revenue.
Therefore, future increases may be dependent upon successful execution of various strategies in addition to Bitcoin production.
Bitcoin mining revenue remains under pressure
Against rising miner equities, underlying Bitcoin mining economics remain weak, widening the gap between stock performance and core operations. At press time, the Puell Multiple sat near 0.74, below 1.
This simply implies that revenues remain below their annual average.
On the other hand, Bitcoin’s price has fallen 49% from October’s peak, while the hashrate declined only 23%, keeping competition relatively high. This imbalance compresses revenue per unit of computing power, while fees provide little relief at just 0.71% of miner income.
In simple words, this means there is much less room for new competitors to enter into the Bitcoin mining space.
Despite this downward pressure on margins, the Miner Position Index (MPI) remains negative. This indicates that miners continue to be reluctant to send their mined Bitcoins to exchanges.
It’s noteworthy that it will likely limit the amount of selling pressure being placed upon the market immediately due to miner activity.
However, prolonged revenue weakness could eventually force less efficient miners to reduce capacity or sell reserves. Therefore, the next signal is whether Puell recovers alongside Bitcoin, because continued weakness would further separate equity valuations from mining fundamentals.
Bitcoin miners expand AI and HPC capacity
With mining revenues still compressed, listed miners are increasingly redirecting existing power infrastructure toward AI and high-performance computing.
Riot has contracted 241 MW at Rockdale, including 191 MW tied to a 20-year agreement worth roughly $9.1 billion.
Meanwhile, Hut 8 has commercialized 949 MW, carrying an expected base-term value of $26.6 billion. This expansion creates alternative revenue streams that could reduce dependence on volatile Bitcoin mining margins.
More importantly, Core Scientific already shows that transition, with $136.7 million in hosting revenue compared to $21.5 million from self-mining. However, much contracted capacity remains undeployed, leaving future earnings dependent on execution.
Therefore, upcoming capacity deliveries and segment revenues will determine whether current equity valuations have fundamental support.
Final Summary
- Bitcoin miner stocks are rallying despite weak mining economics, driven increasingly by AI infrastructure.
- Further gains depend on AI and HPC capacity translating into actual revenue.
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