--- title: "Bitcoin and AI: what the data shows" date: 2026-10-07 author: Fernando Nikolic tags: ["Reports", "Perception Research"] url: https://perception.to/bitcoin-media-research/bitcoin-and-ai-what-the-data-shows description: "People talk about Bitcoin and AI together much more than before. Their prices still go their own way. The link between them is the Bitcoin miners." image: https://cms.perception.to/content/images/2026/10/bitcoin-ai-feature.png --- # Bitcoin and AI: what the data shows > A podcast host asked me last week if Bitcoin and AI are now the same trade. > > I wanted to answer with data, so I went through everything Perception collects: 759,220 Bitcoin mentions since 2020 across news sites, posts on X, podcasts, Reddit, company blogs, conference talks and press releases. > > I also looked at the prices of Bitcoin, Nvidia, chip stocks and Bitcoin miners since ChatGPT launched in November 2022. The last quarter shows it clearly. Bitcoin went up 43%. The five Bitcoin miners with big AI deals went down 30%. ![Bitcoin went up 43% in Q3 2026. Bitcoin miners with AI deals went down 30%.](https://cms.perception.to/content/images/2026/10/1_q3_rally-2.png) ## Bitcoin and AI come up together much more often In 2022, 1 in 37 Bitcoin mentions also mentioned AI. In Q3 2026 it was 1 in 8. ![Bar chart by quarter, 2020 to Q3 2026: the share of Bitcoin mentions across all sources that also mention AI rises after ChatGPT launches, from 1 in 37 in 2022 to 1 in 8 in Q3 2026.](https://cms.perception.to/content/images/2026/10/2_mentions-1.png) It happens in every kind of source. In Q3 2026, half of all Bitcoin podcast episodes mentioned AI, up from 4% in 2022. Conference talks went from 5% to 38%, company blogs from 6% to 36%, and news sites from 3% to 20%. Posts on X went from almost zero to 4%. In total, 351 different sources talked about Bitcoin and AI together last quarter. In 2022 it was never more than 70 in a quarter. ![Share of Bitcoin mentions that also mention AI in Q3 2026, by source: podcasts 49%, conference talks 38%, company blogs 36%, news sites 20%, Reddit and forums 6%, posts on X 4%.](https://cms.perception.to/content/images/2026/10/2b_by_source-1.png) ## Their prices went different ways In the first three quarters of 2026, chip stocks went up 69% and Bitcoin went down 5%. If you start from Bitcoin's highest close on 6 October 2025, the gap is bigger: chip stocks up 78%, Bitcoin down 33%. ![Line chart of price change in 2026 to 30 September: chip stocks up 69%, Bitcoin miners with AI deals up 28%, Bitcoin down 5%.](https://cms.perception.to/content/images/2026/10/3_ytd_split-2.png) On big news days they still often move together. In 2026, on days when both moved more than 2%, they went the same way 82% of the time. Over months, though, they went in different directions. Two crash days show this well. On 27 January 2025, the DeepSeek news day, Nvidia fell 17% and Bitcoin fell 3%. On 5 February 2026, Bitcoin's worst day since FTX, Bitcoin fell 14% and Nvidia fell 1%. Each crash mostly stayed in its own market. ## Bitcoin miners are where the two meet Bitcoin miners have what AI data centers need: buildings, grid connections and cheap power. Five of them signed big AI deals: - Core Scientific with CoreWeave, $3.5 billion, June 2024 - TeraWulf with Fluidstack, backed by Google, $3.7 billion, August 2025 - IREN with Microsoft, $9.7 billion, November 2025 - Cipher Mining with Amazon Web Services, $5.5 billion, November 2025 - Hut 8 with Anthropic and Fluidstack, $7 billion, December 2025 Their share prices changed with it. In 2023, when Bitcoin moved 1%, these five miners moved 1.3% on average. When Nvidia moved 1%, they moved only 0.5%. In 2026 it is the other way round: 1.1% when Nvidia moves 1%, and 0.8% when Bitcoin moves 1%. ![Line chart, 2023 to 2026: when Bitcoin moves 1%, the five miners moved 1.3% in 2023 and 0.8% in 2026. When Nvidia moves 1%, they moved 0.5% in 2023 and 1.1% in 2026.](https://cms.perception.to/content/images/2026/10/4_miners-2.png) In Q3 2026 Bitcoin went up 43% from its June low of about $58,500. The five miners went down 30% in the same three months. MARA, a large miner whose AI business is much smaller (a $168 million stake in Exaion, EDF's computing unit), also went down 18%, so mining was a hard business for everyone. The five miners with big AI deals went down the most. ## What this means Bitcoin and AI now come up together all the time, in every kind of source. Their prices still mostly go their own way. The clearest link is the Bitcoin miners that work with AI companies, and today those miners move more with Nvidia than with Bitcoin. You can run your own version of this research. Connect Perception to Claude or ChatGPT through MCP with [5 free weighted credits per day](https://perception.to/integrations/mcp?ref=cms.perception.to). No card required.