Bitcoin [BTC] miner equities have staged a broad recovery in 2026, although the strongest gains are not coming from mining economics alone.
Instead, revenue was generated primarily from AI and high-performance computing (HPC) infrastructure. As a result of this income, RIOT gained 83%, followed by HUT at 72%, BITF at 50%, and CORZ at 31%.
The rally strengthened from April into June, even as revenue from actual mining activities continued declining. This divergence suggests investors are increasingly valuing miners for their power capacity, grid connections, and data-center assets.
However, these potential opportunities for revenue growth are not yet equally distributed among all participants within the industry. For many companies, infrastructure exposure alone is insufficient to generate meaningful contracts and revenue.
Therefore, future increases may be dependent upon successful execution of various strategies in addition to Bitcoin production.
Bitcoin mining revenue remains under pressure
Against rising miner equities, underlying Bitcoin mining economics remain weak, widening the gap between stock performance and core operations. At press time, the Puell Multiple sat near 0.74, below 1.
This simply implies that revenues remain below their annual average.
On the other hand, Bitcoin’s price has fallen 49% from October’s peak, while the hashrate declined only 23%, keeping competition relatively high. This imbalance compresses revenue per unit of computing power, while fees provide little relief at just 0.71% of miner income.
In simple words, this means there is much less room for new competitors to enter into the Bitcoin mining space.
Despite this downward pressure on margins, the Miner Position Index (MPI) remains negative. This indicates that miners continue to be reluctant to send their mined Bitcoins to exchanges.
It’s noteworthy that it will likely limit the amount of selling pressure being placed upon the market immediately due to miner activity.
However, prolonged revenue weakness could eventually force less efficient miners to reduce capacity or sell reserves. Therefore, the next signal is whether Puell recovers alongside Bitcoin, because continued weakness would further separate equity valuations from mining fundamentals.
