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 IREN, 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%.
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.
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