Bitcoin miner equities staged a broad recovery in 2026, driven by revenue from AI and high-performance computing infrastructure rather than mining economics alone. Riot Platforms gained 83%, followed by Hut Mining at 72%, Bitfarms at 50%, and Core Scientific at 31% between April and June. The Puell Multiple stood at 0.74, below 1, indicating that mining revenues remain below their annual average. Bitcoin’s price fell 49% from October’s peak while the hashrate declined only 23%, keeping competition relatively high in the sector. The Miner Position Index (MPI) remained negative, signaling that miners continue to be reluctant to sell their mined Bitcoin on exchanges.
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