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Bitcoin Miners Have Lost Their Edge

Bitcoin Miners Report, July 2025

Ecoinometrics

Jul 30

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Relative to their historical relationship with Bitcoin, the miners are starting to catch up, see the data here: Bitcoin Miners Relative Price Table.

But zoom out, and it’s clear that Bitcoin mining stocks as a group are struggling relative to BTC compared to the last cycle.

So what’s different this time? Why aren’t they keeping pace like they used to?

Let’s dig into it.

Ecoinometrics delivers professional-grade crypto and macro analysis to help institutional investors and serious traders make data-driven decisions.

Our team conducts rigorous quantitative research, developing proprietary metrics and institutional-quality visualizations that cut through the noise to reveal key market dynamics.

Each newsletter provides clear, actionable insights backed by data, delivered in a concise format that respects your time - five minutes to absorb, but deep enough to inform your investment strategy.

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