Is Bitcoin Mining Dying? Stocks Slide Despite Billion-Dollar Deals as Wall Street Loses Patience

[Ben Graham]

Bitcoin mining equities are selling off again to start off 2026. If you’re one of those people searching “is bitcoin mining still profitable?”, you might want to think again.

Even as miners lock in massive Bitcoin mining infrastructure expansions, financing agreements, and AI-adjacent partnerships, stock prices continue to drift lower alongside Bitcoin’s sluggish price action.

People don’t realize how much chaos is coming for Bitcoin in the next few months.

Bitcoin mining has entered its most unprofitable stretch in a decade. It currently costs a whopping $112K to mine a single Bitcoin, that’s now only worth $86K and falling fast.

It’s only a matter… pic.twitter.com/Cy22Eqmuq8

— Jacob King (@JacobKinge) November 20, 2025

Bitcoin BTC $88,076.90 0.81% Bitcoin BTC Price $88,076.90 0.81% /24h Volume in 24h $18.77B Price 7d Learn more hovered near $88,900 on Tuesday, up modestly on the day but still down roughly 2.8% month-over-month. That lack of momentum is bleeding directly into publicly traded miners, where equity investors remain far less forgiving than crypto natives.

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Is Bitcoin Mining a Black Swan? Infrastructure Deals Are Up, But Stocks Keep Slipping

(Source: Bitcoin Mining Difficulty)

Shares of Marathon Digital, CleanSpark, and Riot Platforms all traded lower despite a steady drumbeat of expansion news. Marathon and CleanSpark posted modest weekly losses, while Riot slipped even as analysts at JPMorgan Chase reiterated a long-term bullish outlook tied to potential 600-megawatt colocation deals by 2026.

Elsewhere, Cipher Mining added a 200-megawatt Ohio site, lifting its total development pipeline to 3.4 gigawatts. TeraWulf finalized $1.3Bn in debt financing for high-performance computing infrastructure in Texas. Hut 8 secured a long-term hosting agreement with Fluidstack to support AI workloads tied to Anthropic, a deal projected to generate $7Bn over 15 years.

(Source: TradingView)

Despite all of these deals, some among Wall Street’s biggest names, it was enough to spark sustained buying.

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The Bitcoin ‘Gravity’s Rainbow’ Is Still the Dominant Force

Bitcoin mining faces a key issue in 2026: cash-flow optimism, but not enough to offset short-term Bitcoin price pressure. When BTC stalls, miner firms are treated less like growth infrastructure plays or security for BTC, and more like leveraged beta.

That dynamic is visible even in newer entrants. DL Holdings Group reported December production of 25.2 BTC and outlined plans to reach 600–700 BTC annually by 2026 as hashrate scales toward 4 EH/s

The takeaway should be that until Bitcoin regains a clear trend, miners can sign all the megawatt deals they want, but it won’t matter.

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Key Takeaways

• Bitcoin mining equities are selling off again to start off 2026.
• Even as miners lock in massive Bitcoin mining infrastructure expansions, financing agreements, and AI-adjacent partnerships, stock prices continue to drift lower.

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