Bitcoin News: Wall Street Crypto Miner Stocks Plunge as BTC Price Falls Below $90K

Shares of leading publicly traded Bitcoin (BTC) miners fell this week as the oldest cryptocurrency continued its slide below the $90,000 mark. Widening net losses and increased competition saw the worst-performing stocks lose nearly 30% in a single day.

Sector leaders also failed to escape the negative trend, with the index tracking BTC miner stocks falling to its lowest level since September 2024.

Bitcoin Miners' Net Losses Rises on Wall Street

Shares of Cipher Mining Inc. (NASDAQ: CIFR) fell despite reporting net income of $18 million for the fourth quarter, or $0.05 per diluted share. The company reported adjusted profit of $51 million ($0.14 per diluted share), but investors appeared to be focused on long-term profitability concerns as Bitcoin price swings continue to weigh on the economics of mining.

Tyler Page, CEO of Cipher Mining

“We had a very successful fourth quarter at Cipher as we continued to rapidly execute on our growth and expansion plans,” said Tyler Page, CEO of Cipher Mining, highlighting the company’s increased hashrate to approximately 13.5 EH/s following the upgrade of its Odesa facility.

However, shareholders are more concerned about the bottom line, which was worse than the previous year. The loss widened to almost $45 million, up from just under $26 million a year ago.

Meanwhile, Bitdeer Technologies Group (NASDAQ: BTDR) saw an even bigger decline after posting disappointing results. The Singapore-based blockchain and high-performance computing company reported a massive net loss of $599.2 million for the full year of 2024, down from $56.7 million. Total revenue fell to $349.8 million from $368.5 million year-over-year.

Matt Kong, Chief Commercial Officer, Bitdeer

“Last year, we strategically allocated resources to develop our ASIC technology, which temporarily limited the growth of our computing power and impacted our financial results,” commented Matt Kong, Chief Commercial Officer at Bitdeer.

Wall Street Reacts With Miner Profits, Bitcoin Prices Falling

In response to the strong investor reaction, Bitdeer shares fell 29% on the Nasdaq during Tuesday's session, closing at $9.26 and testing their lowest levels in three months. Cipher Mining has fallen more than 17% since its latest report, falling to $4.10 and hitting a four-month low.

BITDR, CIFR and BTC price. Source: Tradingview.com

The decline affected the entire sector, not just companies reporting new financial results. A prime example is MARA (NASDAQ: MARA), the largest publicly traded mining company on Wall Street by market capitalization, whose shares fell 11% to $12.42, their lowest since November 2023.

Among the stocks that saw the biggest declines were Canaan (NASDAQ: CAN), which fell 17% to $1.29, and IREN (NASDAQ: IREN), which fell 13.6% to $8.78.

The negative sentiment was fueled in part by a sharp two-day decline in Bitcoin. The price closed well below $90,000 on Tuesday, briefly testing levels closer to $86,000 — the lowest since November.

Hashrate's index of bitcoin mining stocks also fell sharply, reaching levels not seen in five months.

Source: Hashrate Index

A prime example is Riot Platforms (NASDAQ: RIOT), which also released its financial results this week. The company reported record revenue of nearly $377 million and net income of $109 million. Despite these impressive numbers, shareholders were more focused on Bitcoin’s performance, causing shares to fall to multi-month lows.

This highlights that for many investors, mining stocks remain an indirect way to gain exposure to Bitcoin on regulated exchanges, as their prices are closely tied to Bitcoin's performance.

Source: cryptonews.net