Key Takeaways
Why Did Bitcoin Mining Stocks React to Nvidia’s Earnings?
Miners like IREN and Cipher are shifting from crypto mining to AI and data center services, which rely on powerful GPUs.
How much have IREN and Cipher shares grown this year?
IREN is up 366.7% YTD, while Cipher is up 215.09% YTD.
As broader markets continued their downward spiral on November 19, Nvidia delivered a headline-grabbing earnings report that defied sentiment.
Nvidia Q3 results
The chip maker included Third quarter revenue was $57 billion and a stronger fourth quarter was forecast in the range of $63.7 billion to $66.3 billion, easily beating Wall Street’s estimate of $61.98 billion.
CFO Colette Kress also spoke during the earnings call noted,
“We have entered the virtuous circle of AI. The AI ecosystem is scaling rapidly – with more new base model makers, more AI startups, in more industries and in more countries.”
He added:
“AI goes everywhere and does everything at once.”
The ripple effects of Nvidia’s earnings were felt beyond traditional technology, as publicly traded Bitcoin miners like IREN and Cipher Mining saw notable stock gains following the announcement.
These companies have increasingly shifted from pure Bitcoin mining to AI-focused data center operations to capitalize on the rising demand for high-performance GPU computers.
IREN and Cipher Stock Performance
IREN, once primarily a Bitcoin [BTC] mining operation has now pivoted some of its infrastructure to AI workloads.
The company recently signed a multi-year, $9.7 billion deal with Microsoft, making the tech giant its largest customer.
Under the deal, IREN will supply Nvidia-powered GPU clusters from its North American facilities, purchasing hardware through Dell Technologies to support large-scale deployments.
This coincided with IREN shares rising more than 10% to $50.45 after hours, before happening later cooling to $45.83, a decline of 6.18%.
But despite the decline, the stock is up more than tenfold this year, growing 366.7% since the beginning of the year.
Moreover, Cipher Mining followed a similar path: collect almost 13% after hours to $16.51 thanks to Nvidia’s results.
The company recently signed a ten-year AI hosting deal with Fluidstack, a Google-backed company, and is now upgrading its facilities to support Nvidia’s H100 and Blackwell GPUs.
While the stock later returned to $14.62, the stock has also had a huge run this year, gaining 215.09% since the beginning of the year.
However, the move towards AI services coincides with a weakening of profitability in traditional Bitcoin mining.
Income data of Bitcoin miners
At the time of writing, BTC’s monthly miner revenue fell sharply, from $1.62 billion in October to $851.84 million in November, according to The Block.
Source: Het Blok
The decline suggests that miners are earning less not because of reduced interest in Bitcoin, but because of lower network fees, fewer outgoing payments, or a temporary shift in activity.
Yet countries like Kazakhstan have updated their digital laws, signaling a decisive shift toward broader cryptocurrency adoption and regulatory maturity.
By lifting regional restrictions, relaxing rules for miners, tightening data protection and exploring a state-backed crypto reserve, the country is positioning itself as a more open and innovation-friendly center for digital assets.