Research

Analysis. 7 pairs of figures tested 13 ways across the 18 miners on file, on data as of Oct 14, 2026: the strongest fit on at least 8 points is annualized revenue on realized hashrate, both in log10 (R squared 0.42, n 11, p 0.032); 36 reach p under 0.01 on enough points to be an article candidate. Over the last 365 sessions the median of the 18 miners' leverage factors, the slope of each one's daily log return on bitcoin's, was 1.08 (16:00 ET on NYSE session dates).

Pairs of figures tested

13 tests, 13 with a fit

Findings flagged

all 36 on daily prices against bitcoin

Median leverage to bitcoin, 365 sessions

18 miners, 0.57 to 1.31

Follow a company

Strongest fit on at least 8 points

Every pair

Annualized revenue against realized hashrate

11 miners, the latest figure for each, on log scales. As of Oct 14, 2026.

Coverage tier:Tier 1Tier 2

Method and sources

The least-squares line accounts for 42 percent of the spread (R squared 0.42), with p 0.032 for its slope, on 11 points, fitted in log10 of both figures.

Covers: the latest figure on file for each company
Unit: USD per year against EH/s

Source: How it is computed

Annualized revenue against realized hashrate. The least-squares line accounts for 42 percent of the spread (R squared 0.42), with p 0.032 for its slope, on 11 points, fitted in log10 of both figures.
Company	Coverage tier	Hashrate, realized (EH/s)	Revenue, annualized from the latest reported period (USD per year)
BTBT	Tier 2	0.4	$128.5M
BTDR	Tier 1	76.7	$451.4M
CIFR	Tier 1	11.6	$99.3M
CLSK	Tier 1	42.6	$766.3M
CORZ	Tier 1	15.7	$656.8M
HUT	Tier 1	28.1	$299.7M
IREN	Tier 1	23.2	$707M
KEEL	Tier 2	14.8	$121.7M
MARA	Tier 1	70.3	$699.5M
RIOT	Tier 1	44.4	$696.9M
WULF	Tier 1	9.3	$179.1M
Least-squares line	slope 0.365, intercept 8.07, fitted in log10 of both figures

n: 11
R squared: 0.42
p, slope: 0.032
Slope, log10 of both: 0.36595% interval 0.0401 to 0.69

Computed Oct 15, 2026Data as of Oct 14, 2026

Where to look

Seven tabs, each answering one question. Nothing from the earlier layout was removed.

Across companiesDo two reported figures move together across the miners? Fits, p-values and the spread of each figure.7 pairs
Over timeHow did each figure change from quarter to quarter, and do the changes line up?4 tests
PricesHow have daily closes moved against bitcoin: leverage, beta, correlation and green-day agreement.
SignalsReddit attention, news tone, short volume and price risk for each miner, side by side.
TechnicalChart indicators with the study of what each went with, and a screener over the latest session.
Statement toneLabelled quotations from company statements, with the exact words and source links.
Filing lookbackHistory of how each miner's share price moved after its past filings of each type, with counts and sources.
FindingsEvery test that cleared the bar, with the method behind it.76 rows

Education, not advice

These statistics describe figures already on file. Each one shows its sample size. None forecasts a price. A fit across 18 companies describes one date, not a rule. Level correlations can come from size alone. Quarter-to-quarter tests pool companies and overstate the evidence. Each chart states the relevant limit.

MinerTerminal publishes data and educational analysis compiled from public filings. Nothing on the site is investment advice or a recommendation to buy or sell any security. All content is provided for informational purposes; readers must do their own diligence. Terms. Code eebf0447c2d6, 18 miners.