BTC has bounced back quite a bit this round, but mining stocks haven’t shown that familiar 'amplified rally' many people are used to. The stats in the chart are straightforward: among the tracked mining companies and related firms, only Canaan outperformed BTC, while the other 10 collectively underperformed. Since the start of this bull market, the median return is just 1.8%. In the past, mining stocks were often seen as BTC’s 'high-beta version.' When BTC went up, mining revenue increased, mining companies had greater profit elasticity, and their stock prices often amplified the rally. But in recent years, the mining business has become more complex. Many companies have started shifting their resources—electricity, facilities, and data centers—toward HPC and AI. During bear markets, this creates another growth narrative to lean on. But when BTC rises, the market no longer prices them solely based on crypto prices. Now, factors like how much investment AI data centers require, whether contracts can be fulfilled, electricity costs, along with the usual considerations like hash rate, mining costs, and operational risks, all play a role in valuations. This also means that lumping all 'crypto-related stocks' together is becoming increasingly simplistic. BTC, exchanges, stablecoin companies, and mining firms may ride the same crypto wave, but they’re now operating in very different businesses. In the past, when BTC surged, mining stocks were often seen as the more elastic choice. Now, even if BTC rises, mining stocks might not automatically follow suit.