Bitcoin miners’ earnings power and stocks have diverged from the asset they help produce, a stark reminder of the deteriorating economics of an industry US President Donald Trump has championed.

CoinShares Valkyrie Bitcoin Miners ETF is down more than 50% from its December 2024 peak, a far steeper drop than in the price of Bitcoin. The hashrate, which measures how much miners earn per unit of computing power, is languishing close to a record low.