What is driving listed miners’ valuations: Bitcoin production or the infrastructure they can lease to AI customers? In its November 7, 2026 market review, Odaily pointed to a sharp divergence between mining stocks and Bitcoin, arguing that investors were increasingly pricing some operators as AI infrastructure businesses.
The review reported mining-stock gains of 8%–20% on a day when Bitcoin slipped about 0.4%. That contrast suggests a different investment narrative, but does not establish an improvement in mining margins.
AI leases become the valuation reference
Odaily identified Riot’s previously announced $28 billion AI leasing agreement at its Corsicana campus as a central reference point, citing a November 4 report from 24/7 Wall St. The figure describes the reported leasing agreement—not mining revenue or a disclosed measure of operating profit.
Two other operators illustrated the revenue shift:
- TeraWulf: Bitcoin mining revenue fell 69% year over year, while high-performance computing (HPC) leasing revenue surged alongside construction of an Anthropic project, according to The Block reporting cited by Odaily on November 6.
- IREN: Mining revenue fell 58%, and the company planned to exit Bitcoin mining entirely by the end of 2026, according to The Block reporting cited on November 6. That exit was a plan, not a completed transition.
Odaily interpreted these developments as evidence that some miners were moving away from being Bitcoin proxies and toward exposure to the AI capital-spending cycle. The reported share-price divergence supports that interpretation for the period covered; it does not demonstrate a permanent break in their relationship with Bitcoin.
Power costs and regulation complicate the transition
The review also highlighted political pressure over data-center electricity costs. Citing Decrypt’s November 5 coverage, it reported a voter backlash over data-center power prices and an OpenAI pledge to cover AI electricity bills.
Separately, Odaily described prospective AI legislation and chip-export restrictions as risks to AI infrastructure valuations. It explicitly noted that legislative text, timing and the potential scope of export controls remained uncertain.
For operators pursuing AI/HPC leases, that creates exposure to a different set of customers, spending decisions and policy risks—not simply an alternative way to benefit from Bitcoin prices.
What the figures do not establish
The review did not supply facility-level electricity tariffs, conversion capital costs, lease operating expenses or comparable cash margins. Its figures therefore do not support a calculation showing that AI hosting is more profitable than Bitcoin mining. Falling mining revenue and growing HPC revenue establish a changing business mix, not the return on the transition.
Original publication: November 7, 2026, at 13:43:34 UTC+08:00. This article reflects that reporting period.