Crypto Miners Surged in September: Outpacing Bitcoin

Bitcoin ended September up ~5.2%—its third-best September since 2013—setting a bullish tone into a historically strong October. The positive close marked only the third “green September” in over a decade, a pattern that often precedes powerful Q4 rallies for Bitcoin. Institutional inflows continued to accelerate, with companies and funds accumulating BTC at a pace far exceeding new production.

That modest—but important—move in BTC was turbocharged across miner equities, as bitcoin-exposed miners rallied on improving sentiment and rising hash-price expectations. Bitcoin miners outperformed the coin itself in September, underscoring the sector’s torque to spot-price upside.

What Drove Miners’ Outperformance

Operating leverage to BTC: Miner revenues scale with bitcoin price, while many costs (power contracts, hosting) are stickier, amplifying upside when BTC grinds higher. September’s positive print was enough to spark broad multiple expansion across the group.

AI/HPC adjacency: Several miners have been pivoting part of their capacity to high-performance computing and AI-adjacent workloads, adding incremental revenue narratives beyond pure BTC output. That story gained traction through September.

Miner fundamentals: Recent updates from large operators point to steady production despite a rising global hash rate—supportive if BTC breaks higher, but a reminder that efficiency and energy costs remain key swing factors.

Flows chased Q4 seasonality. With BTC’s September strength and October’s favorable stats, cyclically sensitive “crypto-beta” (miners) drew incremental capital, pushing miners ahead of spot BTC.

ETF Angle: How WGMI and MNRS Compare

WGMI (CoinShares Bitcoin Mining ETF): A concentrated, actively managed* miner basket (see issuer site for current holdings and trailing returns). It’s been a top performer over 1Y as bitcoin strength re-rated the group.

MNRS (Grayscale Bitcoin Miners ETF): A rules-based index approach tracking the Indxx Bitcoin Miners Index; diversified global miner exposure, 0.59% expense ratio. Good for investors who want miner beta without single-stock risk or active-style tilts.

The Case for Miners (and the Risks)

Case: When BTC grinds higher, miners’ revenue/earnings expand faster than BTC itself; recent production updates and efficiency gains (MARA et al.) reinforced that dynamic in September. Pairing spot BTC (or a spot BTC ETF) with MNRS/WGMI can add upside torque.

Risks: If BTC stalls or power costs jump, miner margins compress quickly; production can be volatile (see RIOT’s m/m dip), and equity drawdowns can exceed BTC’s. Sizing and risk controls matter.

Bottom Line

September showed classic miner torque: a +5% BTC month translated into much bigger moves for mining equities. For diversified exposure, MNRS offers an indexed, rules-based route; for a higher-octane basket with a different construction, WGMI has been a standout. If you’re bullish on BTC into October, miners remain the levered way to express it—just respect the volatility that comes with the upside.

Quickly compare WGMI, MNRS side by side with our ETF Compare Tool