Cipher Mining Falls 9%, TeraWulf Sinks 7% as Rising Yields Hit the AI Miner Pivot
Quick Read
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Cipher Mining (CIFR) tumbled 9% and TeraWulf (WULF) sank 7% as the 10-year yield hit 4.7%, squeezing valuations on multi-year AI data center projects.
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HIVE Digital erased Monday's gains, falling 7% despite a fresh $350 million GPU cloud deal, while WGMI's 6% decline confirms the selloff is sector-wide.
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Shares of Bitcoin (CRYPTO:BTC) miners pivoting to AI infrastructure are moving lower together Tuesday morning, with Cipher Mining (NASDAQ:CIFR) stock down 9% to $16.77 and TeraWulf (NASDAQ:WULF) shares down 7% to $16.45. Rising Treasury yields sit at the center of the move.
The 10-year yield is trading near the upper end of its 52-week range, pressuring long-duration cash flow valuations across a group financing multi-year data center construction against contracted revenue arriving later. HIVE Digital Technologies (NASDAQ:HIVE) shares are down 7% to $2.87, giving back most of Monday's surge. MARA Holdings stock is down 5% to $9.24, and Riot Platforms shares are down 4% to $19.23.
Rising Yields Reprice the AI Miner Trade
The 10-year Treasury yield is 4.7%, near the top of its 52-week range of 3.9% to 4.7%. Every name in this cohort is spending heavily now against revenue arriving in 2027 and 2028, and higher rates raise both borrowing costs and the discount rate applied to future cash flows.
The Nasdaq is down more than 1% and the Philadelphia Semiconductor Index is down more than 5%, so AI infrastructure exposure is under pressure across the board. Each miner in this group retains Bitcoin mining operations and treasury exposure while building HPC capacity for AI tenants, making long-term rates a unified driver (we profiled seven non-chipmaker suppliers powering the same buildout in a free AI infrastructure report).
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Cipher Mining Takes the Hardest Hit
Cipher Mining stock is absorbing extra pressure beyond the macro, with major sell-side firms adjusting their views on the heavy AI infrastructure pivot. As a capital-intensive Bitcoin miner building industrial-scale high-performance computing data centers for hyperscale tenants, Cipher occupies a concentrated corner of the group with stock up 25% year to date through Monday's close, so Tuesday's decline arrives from a level that had absorbed sizable gains earlier in the year.