Bitcoin miners jump as BTC rebounds 23%, beating AI compute names

Bitcoin's roughly 23% rebound over the past week has sparked a sharp rally in listed crypto miners, with gains outpacing companies positioned as AI computing plays, ChainThink said, citing Cointelegraph. Canaan climbed 67%. American Bitcoin added 41% and Cango surged 53%. By comparison, AI-focused compute names posted smaller advances: CoreWeave rose 21%, Nebius gained 17%, and IREN added 15%. The move was attributed to three main catalysts. The U.S. Treasury said on Aug. 19 it would double its buybacks of long-term Treasuries to support market liquidity. Donald Trump urged Congress to pass the CLARITY Act, lifting expectations for a more constructive regulatory backdrop. After Bitcoin cleared a key resistance level, more than $1.6 billion in crypto short positions was liquidated, fueling a short squeeze. Despite several miners pivoting in recent years toward AI infrastructure, their earnings drivers remain tied to crypto. BlocksBridge data show that since 2026, six major public mining firms have spent $5.11 billion in capital expenditures on AI data centers, but generated just $341.2 million in revenue from AI and high-performance computing over the same period. The gap between investment and returns suggests investors continue to price mining stocks primarily off Bitcoin's market performance.