Quick overview

Live BTC/USD Chart

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Bitcoin and mining stocks saw an uptick late on Wednesday after Nvidia released its Q3 earnings, and guidance exceeded expectations.  Bitfarms, TeraWulf, CleanSpark, and IREN all experienced gains of approximately 10%, while Cipher Mining rose by over 13%. Nvidia helped stabilize the market with a solid quarterly earnings report, even as other markets continued their downward trend.

Nvidia reported third-quarter revenue of $57 billion, which was below the consensus estimate of $61.98 billion, but projected fourth-quarter revenue between $63.7 billion and $66.3 billion. Colette Kress, CFO of Nvidia, mentioned during the earnings call that the useful lives of GPUs are being extended.

This positive announcement caused Nvidia’s stock to rise by 5%, pushing Bitcoin’s price up to about $92,000 after it had dipped below $89,000 earlier in the day.

Several Bitcoin miners have begun shifting portions of their operations to support AI and high-performance computing (HPC) infrastructure amid increasing demand for data center capacity alongside the growth of artificial intelligence. For instance, earlier this month, Cipher Mining announced a $5.5 billion AI hosting agreement with Amazon Web Services, while IREN signed a $9.7 billion AI cloud deal with Microsoft. Concerns regarding a potential AI bubble have led miners to sell off assets on two occasions.

IREN is taking on debt to purchase GPUs, and the supply-demand balance for GPUs is directly (and inversely) correlated with loan interest rates. In a post on X, Matthew Sigel, head of digital asset research at VanEck, remarked, “Falling BTC + widening spreads = double whammy given the capital expenditure needs.”

Although Bitcoin has remained relatively stable, analysts at JPMorgan mentioned last month that Bitcoin mining stocks have decoupled from the price of BTC, with their market capitalizations rising significantly since July.