Over the past month, several publicly traded miners have shown monster stock performances, while others have simply maintained. At the same time, general mining activity is displaying nice stabilizing post-halving, and network traffic is signaling readiness for potential market movements through slow return of calmness. This update explores these key areas, providing insights for investors navigating this complex landscape.
Over the past 30 days, publicly traded Bitcoin miners have experienced notable variations in their stock prices. Iris (IREN), Core Scientific (CORZ) and Terawulf (WULF) have all posted 100%+ gains in the last 30 days. While RIOT and Marathon (MARA), two of the three largest public miners and companies that have two of the three largest bitcoin reserves, have both posted negative gains.
Iris Energy (IREN): We’ve noted the performance of IREN for the last couple of issues, but the chart is saying it is time for a correction. Their luck changed on their last earnings update, with massive beats to revenue, earnings per share and their upgrade timeline is ahead of schedule where they will triple their hash rate. We also noted large options activity, specifically, 27 uncommon options trades set a price target of $10 per share, it is now at $14.45 as of yesterday. Now, we are seeing very overbought conditions on both the daily and weekly charts, with a bearish divergence on the daily.
Core Scientific (CORZ): Core Scientific’s stock price has risen 87% in June at the time of writing, but experiencing a significant sell-off today, down 13% in the last two days. We’ve written about CORZ’s significant earnings and revenue beats from their latest financial reports, and on Wednesday, 12 June, they announced an increase in computing capacity for the high-performance computing (HPC) that underpins AI operations. New details were revealed about the 300 MWs of available HPC infrastructure at an investor day event that will be added to 200 MWs committed under a recent deal with AI centric CoreWeave. Their chart looks more healthy than IREN, no divergences. Perhaps, they have another leg of their rally after cooling down a bit...
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