Bitcoin miners lag despite rally in exchange and stablecoin-related stocks

Crypto-related stocks have risen alongside Bitcoin since the bull market began, but Bitcoin mining companies have posted relatively weak returns, The Block reported. Since Aug. 17, according to The Block, Bitcoin has gained about 22%, while crypto exchange-related stocks including Bullish, Coinbase and Robinhood, as well as stablecoin-related names such as Circle and Figure, posted similar gains. Among Bitcoin miners, only Canaan outperformed Bitcoin over the period. The median return for other mining-related stocks, including Hut 8, Riot, Marathon and Hive, was about 1.8%, indicating muted performance. Core Scientific and TeraWulf, in particular, underperformed Bitcoin by 27 percentage points and 24 percentage points, respectively.