Cipher, Terawulf, Iris Energy, Hive and Bitfarms rallied sharply in September, outpacing Bitcoin despite tightening mining economics and weaker onchain activity.
Bitcoin mining stocks extended their recovery in September, outpacing Bitcoin even as industry economics remain under pressure and hardware payback periods stretch longer.
According to The Miner Mag’s latest industry update, shares 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. By contrast, Bitcoin (BTC) slipped more than 3% over the same period.
The rally in mining stocks comes despite continued pressure on industry fundamentals. The Bitcoin network’s next difficulty adjustment is projected to rise another 4.1%, which would “mark the first epoch with an average hashrate above the zetahash mark,” The Miner Mag reported.
