Miners power higher as Plasma’s stablecoin hype fades
The post Miners power higher as Plasma’s stablecoin hype fades appeared on BitcoinEthereumNews.com.
This is a segment from the 0xResearch newsletter. To read full editions, subscribe. Beyond the near-term sector rotation, one group continues to stand apart on a year-to-date basis: Bitcoin Miners, up 150.32% YTD. That outpaces Crypto Equities at 16.13% and leaves BTC itself, up just 1.05%, far behind. This miner outperformance reflects a structural shift in how the market values the sector. Previously viewed primarily as leveraged proxies to BTC, miners are now increasingly seen as infrastructure providers controlling scarce, pre-permitted power capacity and high-density data-center real estate that can be monetized via either hash or AI/HPC hosting. This generates approximately 70% more revenue per megawatt than BTC mining, with contracts delivering roughly $149K/MW-month vs. $87K/MW-month from mining at current hashprice levels. Several miners, including Core Scientific (CORZ), Cipher Mining (CIFR), Iris Energy (IREN), CleanSpark (CLSK), and TeraWulf (WULF), are benefiting from this trend. They’ve secured multi-year hosting agreements that deliver contracted, dollar-linked cash flows in addition to mining revenues. Leadership remains highly concentrated. Heavyweight CLSK, IREN, and WULF have delivered outsized, triple-digit performance YTD, supported by three key competitive advantages: Rapid scale-up in efficient exahash and rack capacity. Cheap, reliable power with secured grid interconnects and clear expansion pathways. Credible AI/HPC optionality, converting their power-rich campuses into diversified, contracted revenue streams. Conversely, laggards within the sector typically have smaller operating footprints, higher energy costs, weaker balance sheets or limited progress on pivoting infrastructure toward AI/HPC workloads. — Shaunda Plasma has liquidity, but now it needs life As Plasma Mainnet approaches its one-month anniversary, it’s a good time to assess whether it has lived up to its reputation as the stablecoin chain. After an explosive start, the price action of XPL has been brutalized. It is down -43% in the past week and -70% from its all-time high. Despite ranking…
Filed under: News - @ October 15, 2025 3:27 pm