Publicly traded Bitcoin mining companies saw major declines with Cipher, Applied Digital, Core Scientific, CleanSpark, Bitdeer, Riot, and Hut 8 all dropping between 23% and 52%. Bitcoin was trading around $94,400, down 9% in the past seven days. Public mining stocks lost over $20 billion in market value despite institutional investments.

Some mining companies have outperformed Bitcoin year-to-date, with IREN up 370% and Cipher Mining up 210%. Bitcoin itself has only seen a 1.5% increase over the same period. Despite recent losses, institutions like Jane Street, Fidelity, and Barclays have increased their positions in major miners.

Bitcoin mining companies are turning to AI and HPC as the business becomes more challenging. Miners are diversifying their income streams and optimizing their data centers for higher-margin workloads. Bitfarms announced plans to convert its facilities into AI and HPC data centers, while Core Scientific and CleanSpark have made moves into AI integration.

Read more at Cointelegraph: Bitcoin Mining Stocks Drop This Week as Sector Underperforms BTC