Wall Street Bitcoin Miner's Stocks Collapse as BTC Price Slips Below $90K | Finance Magnates

Shares ofmajor publicly listed Bitcoin (BTC) mining companies tumbled this week as theoldest cryptocurrency continued its retreat below the critical $90,000threshold. Widening net losses and increasing competition led the worst-performing stock to lose nearly 30% in a single day.

Industryleaders were also unable to resist the negative trend, as the index trackingthe condition of BTCmining stocks dropped to its lowest levels since September 2024.

CipherMining Inc. (NASDAQ: CIFR) shares declined despite reporting fourth-quarter netearnings of $18 million, or $0.05 per diluted share. The company's adjustedearnings reached $51 million ($0.14 per diluted share), but investors appearedmore focused on longer-term concerns about profitability as Bitcoin's pricefluctuations continue to impact mining economics.

"Wehad an extremely productive fourth quarter at Cipher, as we continued theon-time execution of our growth and expansion plans," said Tyler Page, CEOof Cipher Mining, highlighting the company's increased hashrate toapproximately 13.5 EH/s following upgrades to its Odessa fleet.

However,the net result interests shareholders the most, which turned out to be worsethan last year. The loss deepened to nearly $45 million, up from just under $26million reported a year earlier.

Meanwhile,Bitdeer Technologies Group (NASDAQ: BTDR) faced steeper declines afterreporting more disappointing numbers. The Singapore-based blockchain andhigh-performance computing company posted a substantial net loss of $599.2million for 2024, compared to $56,7 million. Total revenue dropped to $349.8million from $368.5 million year-over-year.

"Lastyear, we strategically prioritized resources to the development of ourproprietary ASIC technology, which temporarily limited our hashrate growth andimpacted our financial performance,” Matt Kong, Chief Business Officer atBitdeer, commented.

In starkinvestors reaction, Bitdeer shares dropped 29% on Nasdaq during Tuesday’ssession, closing at $9.26 and testing their lowest levels in three months.Cipher Mining fell more than 17% in response to its latest report, declining to$4.10 and reaching a four-month low.

The declineextended across the entire sector, not just companies releasing new financialresults. A notable example is MARA (NASDAQ: MARA), the largest publicly tradedminer on Wall Street by market cap, whose shares fell 11% to $12.42, theirlowest since November 2023.

Among thesteepest decliners were Canaan (NASDAQ: CAN), which dropped 17% to $1.29, andIREN (NASDAQ: IREN), down 13.6% to $8.78.

Thenegative sentiment was fueled in part by Bitcoin ’s sharp two-day decline. OnTuesday, its price closed well below $90,000, briefly testing levels closer to$86,000—the lowest since November.

The BitcoinMining Stock Index, provided by Hashrate, also saw a steep drop, sliding tolevels not seen in five months.

A notableexample is Riot Platforms (NASDAQ: RIOT), which also released its financialresults this week. Thecompany reported record revenue of nearly $377 million and a net income of $109million. Despite these strong numbers, shareholders focused more onBitcoin’s performance, leading the stock to drop to multi-month lows.

Thishighlights that, for many investors, mining stocks remain an indirect way togain exposure to Bitcoin on regulated exchanges, with their prices closelytracking Bitcoin’s movements.

Shares ofmajor publicly listed Bitcoin (BTC) mining companies tumbled this week as theoldest cryptocurrency continued its retreat below the critical $90,000threshold. Widening net losses and increasing competition led the worst-performing stock to lose nearly 30% in a single day.

Industryleaders were also unable to resist the negative trend, as the index trackingthe condition of BTCmining stocks dropped to its lowest levels since September 2024.

CipherMining Inc. (NASDAQ: CIFR) shares declined despite reporting fourth-quarter netearnings of $18 million, or $0.05 per diluted share. The company's adjustedearnings reached $51 million ($0.14 per diluted share), but investors appearedmore focused on longer-term concerns about profitability as Bitcoin's pricefluctuations continue to impact mining economics.

"Wehad an extremely productive fourth quarter at Cipher, as we continued theon-time execution of our growth and expansion plans," said Tyler Page, CEOof Cipher Mining, highlighting the company's increased hashrate toapproximately 13.5 EH/s following upgrades to its Odessa fleet.

However,the net result interests shareholders the most, which turned out to be worsethan last year. The loss deepened to nearly $45 million, up from just under $26million reported a year earlier.

Meanwhile,Bitdeer Technologies Group (NASDAQ: BTDR) faced steeper declines afterreporting more disappointing numbers. The Singapore-based blockchain andhigh-performance computing company posted a substantial net loss of $599.2million for 2024, compared to $56,7 million. Total revenue dropped to $349.8million from $368.5 million year-over-year.

"Lastyear, we strategically prioritized resources to the development of ourproprietary ASIC technology, which temporarily limited our hashrate growth andimpacted our financial performance,” Matt Kong, Chief Business Officer atBitdeer, commented.

In starkinvestors reaction, Bitdeer shares dropped 29% on Nasdaq during Tuesday’ssession, closing at $9.26 and testing their lowest levels in three months.Cipher Mining fell more than 17% in response to its latest report, declining to$4.10 and reaching a four-month low.

The declineextended across the entire sector, not just companies releasing new financialresults. A notable example is MARA (NASDAQ: MARA), the largest publicly tradedminer on Wall Street by market cap, whose shares fell 11% to $12.42, theirlowest since November 2023.

Among thesteepest decliners were Canaan (NASDAQ: CAN), which dropped 17% to $1.29, andIREN (NASDAQ: IREN), down 13.6% to $8.78.

Thenegative sentiment was fueled in part by Bitcoin ’s sharp two-day decline. OnTuesday, its price closed well below $90,000, briefly testing levels closer to$86,000—the lowest since November.

The BitcoinMining Stock Index, provided by Hashrate, also saw a steep drop, sliding tolevels not seen in five months.

A notableexample is Riot Platforms (NASDAQ: RIOT), which also released its financialresults this week. Thecompany reported record revenue of nearly $377 million and a net income of $109million. Despite these strong numbers, shareholders focused more onBitcoin’s performance, leading the stock to drop to multi-month lows.

Thishighlights that, for many investors, mining stocks remain an indirect way togain exposure to Bitcoin on regulated exchanges, with their prices closelytracking Bitcoin’s movements.