Financial Insights That Matter
Bitcoin BTC/USD had a blowout April, rising 15% and closing near $94,300. But for a third straight month, miners with high-performance computing (HPC) ambitions — IREN LTD Iron, Riot Platforms Inc RIOT, TeraWulf Inc WULF and Hut 8 Corp HUT — seriously lagged.
While Bitcoin has gained 14.42% over the past month, Iren stock is down 5.05%. Riot stock has gained a meagre 0.46%, TeraWulf up 4.50% while Hut 8 stock has declined 2.18%.
Read Also: Bitcoin, Gold Shine In April While Stocks, Oil Suffer— Mohamed El-Erian Flags Diverging Market Trends
Bitcoin Bulls Cheer While Miners Sneer
According to JPMorgan analyst Reginald L. Smith, these miners saw gains well below Bitcoin’s rally and in IREN’s case, barely any at all. It’s the third month this underperformance pattern has held. While Bitcoin bulls cheer a post-halving surge, investors seem unconvinced that HPC diversification is the golden ticket for mining stocks.
The contrast is striking. A broader group of 13 U.S.-listed bitcoin miners added ~$2 billion in market cap during April (+12% m/m), yet they still trailed Bitcoin itself. And more importantly, their valuations relative to the four-year block reward continue to shrink — now at just 35%, down for the fifth straight month, noted Smith.
Second-Largest Hashrate Gain On Record
The irony? April marked the second-largest hashrate gain on record (+56 EH/s), suggesting massive investment in infrastructure. Yet miners saw profitability fall again — daily gross profit per EH/s dropped 11% m/m, now a painful 70% below pre-halving levels.
Meanwhile, energy efficiency increased slightly, but it wasn’t enough to stop the squeeze. And not all miners struggled equally — Greenidge Generation Holdings Inc GREE was the standout with a 46% surge, leaving the HPC — heavyweights in the dust.
Read Next:
Image: Shutterstock
© 2025 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
#1a73e8;">Boost Your Financial Knowledge and Achieve Stability
Discover a growing online community dedicated to delivering financial news, tips, and strategies designed to help you manage money effectively, save smarter, and grow your investments with confidence.
#1a73e8;">Top Financial Tips for Saving and Investing
- Personal Finance Management: Master the art of budgeting, expense tracking, and building a strong financial foundation.
- Investment Opportunities: Stay updated on market trends, learn about stocks, and explore secure ways to grow your wealth.
- Expert Money-Saving Advice: Access proven techniques to reduce expenses and maximize your financial potential.