Bitcoin miners are experiencing a significant market shift as their stocks have risen approximately 56% in 2026, while Bitcoin itself has fallen nearly 30% and is now priced below $60,000 for the first time since 2024. This divergence is a notable departure from the traditional correlation where both tended to move together.
A report by Bernstein reveals that publicly traded Bitcoin miners control over 27 gigawatts of planned power capacity and are increasingly signing long-term contracts with AI companies, prioritizing infrastructure development over mining operations. Notable companies in this space include IREN Ltd., Cipher Digital Inc., and TeraWulf Inc., which are transitioning to focus on providing power and facilities to meet the rising demand for AI infrastructure.
This change in business model indicates a strategic repositioning from solely mining Bitcoin to becoming key players in the AI sector, emphasizing the importance of electricity as a valuable asset.
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