Mining equities sprinted past Bitcoin as investors chase growth tied to infrastructure and capacity. In September, the combined market cap of the 15 biggest public miners hit a record $58.1B, up $16.5B from August, and far above BTC’s six-month 21% rise [1]. Leading the surge were Iris Energy (IREN), up 624%, Applied Digital (APLD) up 345%, and Cipher Mining (CIFR) up 321% [1].
Other heavyweights followed: TeraWulf (WULF), Hut 8 (HUT) and Bitfarms (BITF) climbed 179% to 280% [1]. Riot Platforms (RIOT) rose 147%, HIVE (HIVE) 133%, and Core Scientific (CORZ) 105% [1]. Even names like CleanSpark (CLSK), Bitdeer (BTDR) and MARA also outpaced BTC [1].
The third quarter was a record for the sector’s recovery [1].
Investors are embracing a narrative where mining companies offer leverage to BTC price through infrastructure growth and capacity expansion. As miners add hardware and scale up energy-intensive capacity, BTC moves can amplify stock performance beyond BTC’s own moves [1]. This shift hints at potentially sharper upside versus direct BTC exposure, but it also ties equity swings to BTC volatility and the pace of capex buildout.
Keep an eye on whether this outperformance sticks as miners push capacity and BTC continues to move.
References
Капитализация акций майнеров достигла рекорда. По динамике роста они обошли биткоин
Капитализация 15 майнеров достигла $58,1 млрд; акции выросли выше BTC; лидеры Iris Energy, Applied Digital, Cipher Mining.
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