Mining Stocks vs Bitcoin: Why Are Miners Stealing the Spotlight Now?

Bitcoin has risen more than 25,000% in the past decade—impressive, no doubt. But with a market capitalization of $2 trillion, it’s getting harder and harder to generate those explosive moves we saw in 2017 and 2020-2021.

Meanwhile, mining stocks are making noise.

The Turn: From Cryptocurrencies to AI

IREN, Cipher Mining, and Terawulf—names that didn’t even exist during the Bitcoin boom—are soaring. And it’s no coincidence.

These companies realized something important: mining infrastructure (mass energy + computing power) is exactly what tech giants need to run AI. And they’re paying billions for it.

The numbers speak for themselves:

• IREN: +496% this year
• Cipher Mining: +328% this year
• Terawulf: +155% this year
• Bitcoin: +11% this year

Even with Bitcoin down 17% in the last month, the CoinShares Bitcoin Mining ETF (which tracks these stocks) is up 3%. There’s a decoupling happening—these assets no longer depend solely on crypto prices.

Why Do They Still Have Room to Run?

1. Smaller market caps: They need less capital to double in value
2. Higher volatility: 5%+ moves in both directions are common (while Bitcoin sleeps)
3. Multi-year deals: Multi-billion dollar contracts with Meta, Google, etc. guarantee predictable revenue
4. Growing attention: Compass Point, Roth Capital, Cantor Fitzgerald have all raised price targets for IREN

This is similar to what happened with Bitcoin in 2017—when it was still niche and exploded. Now it’s happening with mining stocks.

The question is no longer “Bitcoin or mining stocks,” but whether you want exposure to crypto volatility or the AI boom that’s just getting started.