Bitcoin miners miss the rally as exchanges and stablecoin firms pull ahead
Bitcoins comeback from the mid-August has divided the entire cryptocurrency trading into top performers and underperformers. Since August 17, Bitcoin increased by almost 22%. The exchanges and stablecoin-linked companies have followed suit but it cannot be said the same for miners. The September 9 Data & Insights analysis by The Block showed that, out of all mining companies, Canaan is the only one that is performing better than Bitcoin. The other 10 miners and those working close to it are delivering average median results of 1.8% profit, leaving their performance 20.2 percentage points behind Bitcoins 22% gain. The gap is larger than it seems. According to a Cryptopolitan calculation, the average miner has managed to capture a mere 8.2% of Bitcoins upside due to its 1.8% return while Bitcoin gained by 22%. For investors who previously considered miners as a leveraged option in Bitcoin, this relationship has clearly become weaker. FIGURE TITLE: Bitcoin Miners vs. Exchanges and Stablecoin Firms: 2026 Crypto Stock Performance and Hashprice Gap Where the divide is widest Among the major underperformers are the miners who are very keen on AI and high-performance computing. Core Scientific and TeraWulf lagged behind Bitcoins performance by 27% and 24%, respectively. This transition is changing the way









