Bitcoin miners tumble over 12% as hotter inflation sparks broad tech sell‑off
On Wednesday, U.S. equity markets posted their sharpest one‑day decline since July after consumer‑price data showed 3.7% year‑over‑year growth in September, above expectations. The sell‑off hit technology and AI‑infrastructure stocks and dragged Bitcoin mining companies lower, with TeraWulf, Core Scientific, Cipher Mining and IREN each losing more than 12% of their value. Analysts note that higher interest rates could raise borrowing costs for miners that are expanding into debt‑financed AI data‑center projects.
Why it matters
The steep price drops directly affect holders of the listed mining stocks, reducing market value. The report also signals that rising rates may increase financing costs for miners that rely on debt to fund AI‑related expansion, potentially pressuring future earnings.
Key facts
- 1The S&P 500 fell 1.1%, its biggest one‑day decline since July 29. tradingview.com
- 2The Nasdaq Composite fell 1.9%, its biggest one‑day decline since July 23. tradingview.com
- 3TeraWulf fell 12.64% over the day. tradingview.com
- 4Core Scientific fell 12.44% over the day. tradingview.com
- 5Cipher Mining fell 12.35% over the day. tradingview.com
- 6IREN fell 12.2% over the day. tradingview.com
Summary written by AlphAI AI Desk from 2 of 2 sources. Not investment advice. Figures are as stated by the linked sources.