Bitcoin mining stocks continued their recovery momentum in September, outperforming Bitcoin, despite the ongoing pressure on the industry's economic conditions and the prolonged hardware payback period.
According to the latest industry update from The Miner Mag, the stock prices of Cipher Mining (CIFR), Terawulf (WULF), Iris Energy (IREN), Hive Digital Technologies (HIVE), and Bitfarms (BITF) surged between 73% and 124% over the past month. In contrast, Bitcoin (BTC) fell by more than 3% during the same period.
The Miner Mag reported that despite the continued pressure on the industry's fundamentals, mining stocks have still seen an increase. The next difficulty adjustment for the Bitcoin network is expected to rise by another 4.1%, which will "mark the first cycle where the average hash rate exceeds the 1 exahash milestone."
Based on Bitcoin's 14-day moving average hash rate, the 1 exahash milestone was first achieved in September. However, this achievement has had limited impact on alleviating profit pressures.
Hash prices remain stuck below 55 petahashes per second, suppressed by rising network activity, while transaction fees have dropped to below 0.8% of monthly rewards—indicating weak on-chain activity.
Even so, The Miner Mag noted that investors are rewarding miners who are pursuing GPU and AI transformations. Hive Digital is accelerating its transition to AI data center infrastructure, Iris Energy is increasing its investment in Blackwell GPUs, and Terawulf is gaining momentum due to its partnership with Google for high-performance computing.
Faced with shrinking margins, rising costs, and intensified competition, Bitcoin miners are increasingly turning to diversification strategies to maintain operations.
In addition to reallocating resources towards AI and high-performance computing, many miners are also adopting treasury strategies, holding more mined Bitcoin in anticipation of future price surges.
Cointelegraph reported on this trend in January, highlighting the significant shift of miners hoarding coins, a momentum that has continued to strengthen in 2024, with companies retaining a larger share of their output.
"In 2024, Bitcoin miners have seen a significant shift, with many choosing to retain a larger proportion of mined Bitcoin or completely avoid selling," Digital Mining Solutions and BitcoinMiningStock.io wrote in a January report.
Miners appear to have doubled down on this strategy in September, with Glassnode data showing wallet balances rising for three consecutive weeks. On September 9, net inflows peaked at 573 BTC—the largest single-day increase since October 2023.
Related: Reports indicate that Standard Chartered's venture capital division plans to raise $250 million for a cryptocurrency fund.
Original article: “Bitcoin Mining Stocks Outperform BTC as Investors Bet on AI Pivots”
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