Bitcoin Miners' Earnings Outperform Bitcoin by 70% Since 2026

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On April 27, 2026, the performance of Bitcoin mining stocks has significantly surpassed that of Bitcoin itself. Among the top ten publicly listed mining companies, most have seen year-to-date (YTD) increases ranging from 25% to 73%, while Bitcoin has declined by approximately 12% since January 1. This outstanding performance is not driven by mining operations but rather by artificial intelligence (AI) infrastructure. These leading companies have successfully positioned themselves as data center operators by securing long-term agreements with major cloud service providers, accumulating hundreds of billions of dollars in high-performance computing (HPC) contract revenue. Terawulf (WULF) leads the top ten listed mining companies with a YTD increase of 73.58%, having secured over $12.8 billion in HPC contract revenue, with deals primarily led by Google-backed Fluidstack and Core42, covering multiple sites with a total available power of over 1 gigawatt.

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