Bitcoin’s 23% rally sends beaten-down miners soaring past AI stocks
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- Canaan, American Bitcoin and Cango jumped 41-67% during Bitcoin's roughly 23% weekly rally, per BlocksBridge Consulting's Miner Weekly, reversing a stretch that had favored AI- and HPC-pivoted miners
- Bitcoin mining stocks outperformed AI infrastructure peers including CoreWeave (+21%), Nebius (+17%) and IREN (+15%), with some AI-heavy miners flat or declining over the same period
- The US Treasury on Aug. 19 announced it would at least double liquidity-support buybacks for longer-dated Treasury securities — a catalyst BlocksBridge flagged for the BTC move
- Donald Trump told crypto executives at a White House meeting that Congress should pass a 'fair version' of the stalled CLARITY Act, adding regulatory optimism to the rally
- A short squeeze following BTC's breakout liquidated more than $1.6 billion in crypto positions over 24 hours
- Publicly traded Bitcoin miners have invested roughly $15 in AI data centers for every $1 in AI-related revenue, with nine miners generating $341.2 million in AI/HPC revenue in 2026 against $5.11 billion in capex
Why it matters: Nine public miners spent $5.11 billion on AI and HPC capex in 2026 while booking just $341.2 million in related revenue, yet a single week of BTC price action lifted pure-play miners 41-67% — more than triple the best AI infrastructure stock's gain — exposing how thinly the 'miners are AI companies' thesis has actually paid off and how directly BTC still moves the equities.
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