Bitcoin miners experienced a massive rally since last Monday, with several names posting outsized gains between the close on September 8 and the close on September 17.
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While Bitcoin’s price held around $116,000 both ahead of and following the Federal Reserve’s decision to cut interest rates by 25 basis points, Bitcoin mining stocks have taken a leap forward.
| Ticker | Mon Sep 8 Close | Wed Sep 17 Close | PercenChange |
|---|---|---|---|
| BITF | $1.28 | $3.05 | 138.3% |
| CIFR | $7.72 | $12.38 | 60.4% |
| HIVE | $2.60 | $3.88 | 49.2% |
| HUT | $25.48 | $37.79 | 48.3% |
| IREN | $26.19 | $37.90 | 44.7% |
Among the grouping, the key driver appears to be Bitcoin miners’ continued pivot to AI/HPC.
Bitfarms (BITF) topped the group, rising 138% across the period following a market re-rating concerning its Panther Creek site. Bitfarms recently entered into an agreement with T5 Data Centers to “advance campus development.”
Cipher Mining (CIFR) advanced 60% after issuing its August operational update on September 4, which kept attention on new capacity coming online. Cipher Mining CEO Tyler Page has set market expectations for a major deal by the end of 2025 on numerous occasions, including the recent H.C. Wainwright banking conference in New York City last week.
Other recent winners have included HIVE Digital (HIVE), Hut 8 (HUT) and IREN (IREN), which have gained 49, 48% and 45% during the recent upswing, respectively. As miners with ongoing expansion and HPC initiatives participated in the beta-driven upswing; HIVE’s August production update and continuing buildouts remained in focus through September.