Crypto Mining Stocks Plunge Amid Treasury Yield Rise

Crypto mining stocks are experiencing a sharp decline on Thursday morning, led by Cipher Mining's 6% drop to $15.92.

MARA Holdings and Riot Platforms also fell 4%, outperforming Bitcoin's 1% loss in the iShares Bitcoin Trust ETF (IBIT).

The miners' high beta has amplified their losses on a risk-off tape, with Treasury yields near a period high of 4.80% compressing long-duration equity multiples.

Cipher Mining, MARA, and Riot have converged on a similar strategy, pivoting towards high-performance computing and AI data center leasing.