BMNR, IREN, WULF And Other Crypto Mining Stocks Gain Pre-Market While Bitcoin Holds Above $71K

• Crypto mining stocks, including BMNR, IREN, WULF, CIFR, and HUT, rose in pre-market trading on Wednesday.
• Bitcoin held steady above $71,000, providing a stable backdrop even as retail sentiment across the mining stocks remained largely in the ‘bearish’ zone on Stocktwits.
• Over the next two years, some analysts expect AI infrastructure businesses' sales to triple.

Bitcoin (BTC) mining stocks gained in early morning trade on Wednesday, while the apex cryptocurrency was trading at around $71,200, after briefly dipping to $68,000 over the past day. 

Bitmine Immersion Technologies (BMNR) rose by almost 3% in pre-market trading on Wednesday, though it is better known as an Ethereum (ETH) digital asset treasury. The stock had closed over $20 on Tuesday. On Stocktwits, the retail sentiment around BMNR moved from ‘bearish’ to ‘neutral’ territory, as chatter levels around it remained ‘low’ over the past day. 

IREN, WULF, CIFR, HUT Extend Pre-Market Gains

IREN Ltd (IREN), one of the top Bitcoin mining companies, traded up by over 2% in pre-market. The stock closed at $41 on Tuesday. On Stocktwits, the retail sentiment around IREN remained in the ‘bearish’ territory, as chatter levels around it remained ‘low’ over the past day. 

TeraWulf Inc. (WULF) was also trading up by more than 2% in pre-market. On Tuesday, the stock closed at around $16. On Stocktwits, the retail sentiment around TeraWulf Inc remained in the ‘bearish’ territory, as chatter levels around it remained ‘low’ over the past day.

Cipher Mining Inc. (CIFR), which operates industrial-scale data centers for Bitcoin mining, was up by over 1% during pre-market hours on Wednesday. The stock closed over $14 on Tuesday. On Stocktwits, the retail sentiment around CIFR remained in the ‘bearish’ territory, as chatter levels around it remained ‘low’ over the past day.

Hut 8 Corp (HUT). also traded up by almost 2% pre-market hours on Wednesday, and the stock closed at over $53 on Tuesday. On Stocktwits, retail sentiment around HUT moved from ‘bearish’ to ‘neutral’ territory, as chatter levels remained ‘low’ over the past day. 

Mining Companies Are Pivoting To AI

Hut 8, Cipher Mining, and TeraWulf have moved from Bitcoin mining toward AI and high-performance computing in search of higher and more stable returns. This is because mining has become less profitable, with operators losing about $16,800 per Bitcoin, or about 19% per coin. 

Analysts think that AI infrastructure companies will see their revenues grow threefold over the next two years. Previously, Ran Neuner, a crypto analyst, said that both sectors compete for electricity, but AI pays a lot more, about $200 to $500 per MW compared to $57 to $129 for Bitcoin mining.

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