Bitcoin mining stocks jump after US winter storm forces hashrate decline

Bitcoin mining stocks rose on Wednesday after a US winter storm forced some companies to scale back operations, lowering the Bitcoin network hashrate and boosting miner profitability, according to market data. Shares of TeraWulf, Iren Limited and Cipher Mining posted double‑digit gains over 24 hours, Barchart data showed.

The rally followed a hashrate drop to a seven‑month low of 663 exahashes per second (EH/s) on Sunday, a 40% fall in two days during the severe storm. Hashrate recovered to 814 EH/s on Wednesday but remained below the roughly 1.1 zettahash per second (ZH/s) level before the weekend decline, Coinwarz data shows.

A lower hashrate indicates fewer miners were online, reducing competition for block rewards and making mining more profitable for those who stayed running, the report said. The Bitcoin hashprice index, a benchmark of miner revenue per terahash, rose to $0.040 per terahash per day on Wednesday from $0.038, HashrateIndex data showed.

The US winter storm forced multiple mining firms to cut output to support the power grid, Julio Moreno, head of research at CryptoQuant, wrote in a Monday X post. Moreno listed daily production drops including CleanSpark (22 BTC to 12 BTC), Riot Platforms (16 BTC to 3 BTC), Marathon Digital Holdings (45 BTC to 7 BTC) and Iren (18 BTC to 6 BTC).

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