Bitdeer and Riot Jumped 13% in a Day as Bitcoin Fell Under $75,000. Why Are Miner Stocks Rallying While BTC Drops?
Bitcoin hit its lowest price since August, yet two big miners surged anyway. Behind the rally sits a quiet business shift, and a hidden detail in who pays the bills and what miners do with their coins.
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Bitdeer Technologies (NASDAQ: BTDR) and Riot Platforms (NASDAQ: RIOT | RIOT Price Prediction) both saw their stocks jump by 13%, even as Bitcoin (CRYPTO: BTC) slipped below $75,000 on November 6, 2026. Bitdeer’s shares closed at $6.02, up 13.3%, while Riot finished at $16.71, up 13.2%. At one point, Bitcoin dropped to $74,722, marking its lowest price since August.
Riot’s stock gained traction thanks to a recent lease agreement. On November 4, Riot announced it had signed a 15-year lease with an undisclosed AI company for its Corsicana, Texas, campus. The deal covers 910 megawatts of computing capacity and is expected to be worth about $28 billion.
Meanwhile, Bitcoin remained under pressure, trading around $75,662 on November 8, down 2.9% over the past week. So why are Bitcoin miner stocks rising even as Bitcoin’s price falls?
Bitcoin Miners Are Becoming Landlords for AI Labs
Riot’s boost can be attributed to its Corsicana deal, a triple-net lease. This means Riot provides the land and power, while the tenant runs the computers and covers utility costs. The rent will be charged on the full 910 megawatts, whether or not the tenant uses them, with the first 400 megawatts expected to come online in September 2027 and the complete campus operational by July 2028.
This agreement adds to Riot’s previous contract, a 20-year arrangement covering 191 megawatts and worth around $9.1 billion with another AI lab, as well as a 50-megawatt lease for AMD (NASDAQ: AMD). With these arrangements, Riot anticipates that almost all its future cash flow will come from long-term leases with leading AI firms, rather than from Bitcoin’s price fluctuations.
Bitdeer, meanwhile, is beginning to make a similar shift. It recently signed a $4.7 billion, 16-year colocation lease with AI lab Volta in Tydal, Norway, which will account for 121 megawatts. This agreement is set to begin implementation in phases starting in December. Bitdeer reported $14 million in revenue from AI cloud services in the second quarter, up from $1.3 million the previous year, although self-mining still generated $168.4 million in revenue.
Core Scientific (NASDAQ: CORZ) offers a glimpse into the finished product, generating $215.4 million in colocation revenue in the third quarter, up nearly 60% from the previous quarter. Total revenue for the quarter was $232.9 million, with adjusted EBITDA of $133.6 million and a 57% adjusted EBITDA margin. CEO Adam Sullivan has indicated that the company expects to exit Bitcoin mining by the end of the year.
AI Tenants Pay in Dollars While Miners Offload Their Coins
Riot and Bitdeer’s contracts are explicitly denominated in dollars, with no indication that Bitcoin would be the payment currency. The miners provide electricity, land, and space needed for operations, while their agreements don’t require tenants to hold or buy Bitcoin.
In fact, the miners are selling off their Bitcoin. Riot reported selling 20,264 Bitcoin in 2026, amounting to $1.5 billion, which reduced its Bitcoin holdings from 11,380 at the end of the second quarter to just 2,418. In its weekly update on November 6, Bitdeer said it had mined and sold 258.6 BTC that week, ending up with no holdings apart from customer deposits.
As a result, the miners are adding to Bitcoin’s supply on the market as they shift significantly toward AI. Riot’s management said its Bitcoin treasury is the main funding source for developing its data centers, and it plans to sell almost all the Bitcoin it mines going forward.
Bitdeer Faces Greater Risks as Bitcoin Trades Below Production Costs
Industry peers have commended these deals. Core Scientific’s Sullivan, who competes with Riot for AI tenants, called the Corsicana deal a major milestone for the sector. However, he cautioned that “capital is the throttle on all new development,” which puts Bitdeer in a more vulnerable position.
Bitdeer’s stock has plummeted 46.3% this year and fell 10.4% over the past week, despite the recent rise, while Riot has risen 31.9% in 2026 and 30.4% over the past week. In the second quarter, Bitdeer reported a gross margin of -3.7%, borrowings of $1.8 billion, and one customer accounting for 51.6% of its revenue in the first half of the year.
Additionally, Bitdeer filed in August to sell up to $1 billion in new shares through an at-the-market program, allowing it to gradually offer stock to the market. In contrast, Riot does not anticipate needing to issue new equity for its planned projects.
Mining is proving to be less profitable at the current Bitcoin price, with JPMorgan estimating the cost of producing Bitcoin at nearly $78,000 in September. Riot’s direct production cost per Bitcoin was reported at $39,265 during the third quarter, though this number does not account for the depreciation of mining equipment. Our free guide on miner break-even points explains the potential implications of Bitcoin trading below production costs.
Can the Rally in Bitcoin Miner Stocks Boost BTC Prices?
In short, the rally in Bitcoin miner stocks does not necessarily lead to higher Bitcoin prices. While these companies are finding new revenue sources through AI, they pay that rent in dollars, and the miners keep selling the Bitcoin they produce.
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Sam Daodu is a crypto analyst and the editor of 24/7 Wall St.'s Crypto Desk, where he covers Bitcoin, XRP, Ethereum, Solana and the altcoins investors search for most. His work focuses on price levels, spot ETF flows, on-chain data and the regulatory decisions that move crypto markets, written so a first-time buyer and a seasoned trader can both use it.
Sam has written about crypto professionally since 2019 and has published more than 2,000 articles. Before joining 24/7 Wall St., he wrote for crypto media outlets and Web3 companies and ghostwrote for crypto founders and token launches. His analysis is syndicated on Yahoo Finance, MSN and AOL and has been cited by other crypto news sites. He also founded MacLabs Marketing, a content and personal branding agency for crypto founders and executives.
When he isn't reading charts, Sam is usually at the gym or watching One Piece, a series he maintains has better tokenomics than most altcoins.
