Bitcoin’s 23% rally sends beaten-down miners soaring past AI stocks

Canaan, American Bitcoin and Cango jumped as much as 67% as renewed crypto demand showed BTC exposure can still drive mining equities despite the industry’s AI push.

Bitcoin’s August rally has revived some of the mining sector’s most beaten-down stocks, reversing a trend that has favored miners pivoting toward artificial intelligence and high-performance computing and suggesting investors may once again be rewarding direct exposure to Bitcoin.

In its latest Miner Weekly newsletter, BlocksBridge Consulting reported that Bitcoin’s (BTC) roughly 23% rally over the past week outpaced most AI-linked infrastructure stocks.

Three beaten-down Bitcoin mining companies — Canaan, American Bitcoin and Cango — gained between 41% and 67%. By comparison, CoreWeave rose about 21%, Nebius gained 17% and IREN advanced 15%, while some miners with heavier exposure to AI and HPC were flat or declined.

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