While Riot, Hut 8, and Core Scientific have demonstrated robust gains, Bitdeer, Argo, and Canaan have experienced declines of 20%, 24%, and 71% year-to-date. Bitcoin mining stocks have experienced significant momentum in 2026, with Riot Platforms, Hut 8, Bitfarms, and Core Scientific achieving some of the largest year-to-date gains, as indicated by a chart shared by analyst Maartunn on X, which encompasses trading activity from January to July. The shift is primarily associated with miners adapting their roles as power and data center providers for AI firms, indicating a transformation in the market’s valuation of these equities. Maartunn’s chart indicated that Riot experienced a year-to-date gain of 83% thru late July, while Hut 8 saw an increase of 72%, Bitfarms rose by 50%, and Core Scientific recorded a gain of 31% during the same period. “It’s a race for power, grid access, and AI-ready infrastructure,” Maartunn wrote, arguing the sector has moved past pure hashrate competition. That framing aligns with the developments that have occurred subsequently.
On August 11, it was reported that Anthropic has reached an agreement to pay Riot $9.1 billion over a span of 20 years for 191 megawatts of computing capacity at its Rockdale, Texas facility, which is sufficient to supply power to approximately 143,000 homes. Riot experienced a 24% increase in after-hours trading following the announcement, despite a decline of over 5% during the regular session and reporting a quarterly loss of $237 million. IREN, another miner pursuing the same trend, increased nearly 10% this week following the acquisition of a $3.4 billion cloud contract with Nvidia, marking its transition from mining to AI cloud services. Maartunn’s figures are limited to late July, whereas the market data accessible this week extends to August 12, resulting in a misalignment between the two datasets. By that more recent close, Riot’s year-to-date gain had settled near 60%, still robust but down from the 83% noted in the July chart, with shares trading around $20. Hut 8 advanced significantly, achieving an approximate 98% increase, approaching $91 per share. Core Scientific extended its ascent as well, rising 43% year-to-date and trading close to $21.
Others exhibited more modest increases, including CleanSpark, which, at the time of writing, was approximately $12, reflecting a 20% rise this year, and IREN, whose shares were trading close to $44, marking a 16% increase since the beginning of the year. MARA, the largest publicly traded miner, was approximately $10, reflecting a modest 7% year-to-date gain. However, not all participants in the sector are experiencing jubilation, as data indicates that Bitdeer, Argo Blockchain, and Canaan have seen declines of approximately 20%, 24%, and 71%, respectively, during the same timeframe in which their peers have recorded gains. MARA’s results illustrate the reasons miners are seeking alternative opportunities. In its August 6 shareholder letter, the company disclosed Q2 revenue of $174.9 million, reflecting a 27% decline year over year, alongside a net loss of $611.3 million. It also divested 2,213 BTC during the quarter while persistently allocating resources toward new infrastructure development.
However, this does not imply that mining is on the verge of extinction. Analyst Shanaka Anslem Perera observed on July 6 that the network successfully accommodated a significant exit of miners following the liquidation of over 32,000 BTC by public firms, which included MARA, CleanSpark, Riot, Cango, Core Scientific, and Bitdeer, in the first quarter of 2026. The proceeds from these sales were redirected into AI contracts, contributing to an estimated $70 billion industry-wide. The pivot briefly reduced Bitcoin’s network hash rate by approximately 4%, marking the first decline in six years. However, subsequent difficulty adjustments reinstated profitability, allowing the network to continue producing blocks as planned.
