Bitcoin Mining Stocks Rise as Industry Chases AI Infrastructure

While Riot, Hut 8, and Core Scientific printed strong gains, Bitdeer, Argo, and Canaan are down 20%, 24%, and 71% YTD.

Bitcoin mining stocks have been on a run in 2026, with Riot Platforms, Hut 8, Bitfarms, and Core Scientific posting some of the group’s biggest year-to-date gains, according to a CryptoQuant chart analyst Maartunn shared on X covering trading from January through July.

The move has less to do with mining Bitcoin itself and more to do with miners repositioning as power and data center suppliers for AI companies, reflecting a change in how the market is pricing these stocks.

The Chart Behind the Rally

Maartunn’s chart put Riot’s year-to-date gain at 83% through late July, with Hut 8 up 72%, Bitfarms up 50%, and Core Scientific up 31% over the same stretch.

“It’s a race for power, grid access, and AI-ready infrastructure,” Maartunn wrote, arguing the sector has moved past pure hashrate competition.

That framing lines up with what’s happened since. On August 11, Bloomberg reported that Anthropic agreed to pay Riot $9.1 billion over 20 years for 191 megawatts of computing capacity at its Rockdale, Texas site, enough to power roughly 143,000 homes.