Bitcoin miners lagged a broader cryptocurrency rally as exchange-related and stablecoin-related stocks advanced alongside Bitcoin. Since Aug. 17, Bitcoin gained about 22%, while the median return among 11 Bitcoin mining and related companies was just 1.8%. Canaan was the only company to outperform Bitcoin, while Core Scientific and TeraWulf underperformed by 27 and 24 percentage points, respectively. Analysts said some miners' expansion into high-performance computing and AI data centers has supported valuations during crypto downturns but diverted attention from mining and introduced additional operating risks. The dual strategy could provide longer-term resilience by allowing mining to benefit from crypto bull markets while data-center operations support balance sheets during weaker crypto markets.