According to 10x Research, Bitcoin miners outperformed BTC by a wide margin in 2026, with a tracked basket of crypto equities up 56% year-to-date while Bitcoin fell 17%. Last week, five mining and AI-infrastructure stocks led the gains as Bitcoin slid on rising Treasury yields and hawkish Federal Reserve expectations. KEEL Infrastructure (formerly Bitfarms) gained 30% after Chardan initiated coverage with a Buy rating, repositioning its 2.2-gigawatt power pipeline toward AI and HPC. Cipher Mining rose 29% on institutional backing and hyperscale leasing progress. IREN surged 29% after signing a $1.6 billion Dell agreement for Blackwell GPU systems, expected to lift annualized revenue to $4.4 billion. TeraWulf added a 285-acre campus in Kentucky with up to 1 gigawatt capacity, gaining 24%. Hut 8 signed a 15-year, $9.8 billion lease for a Texas campus designed to NVIDIA's DSX architecture, rising 22%. Bitcoin traded around $73,367, down nearly 5% on the week, as BlackRock's IBIT saw net outflows, indicating capital rotation from passive BTC exposure toward miners with hyperscaler contracts. The 10-year Treasury yield eased to 4.47-4.50% ahead of the PCE inflation print, with the next FOMC meeting on June 16-17 likely to shape the mining stocks rally.

Key facts

• Bitcoin miners tracked basket up 56% YTD vs BTC down 17% in 2026
• KEEL Infrastructure gained 30% after Chardan Buy rating, pivoting to AI
• IREN signed $1.6B Dell deal for Blackwell GPUs, lifting revenue outlook
• TeraWulf added 285-acre Kentucky campus with up to 1 GW capacity
• Hut 8 signed $9.8B lease for Texas AI data center, up 22%

KeyAudit data perspective