Bitcoin mining stocks plunge more than 10% in AI debt reckoning

Bitcoin mining stocks plunged on Wednesday, October 14, and fell far harder than Bitcoin itself, according to Alpaca market data. The CoinShares Bitcoin Mining and Digital Power ETF (WGMI) dropped 10.7%. Bitcoin fell roughly 2%. Miners with the deepest AI infrastructure exposure took some of the steepest losses. IREN declined 12.2%, according to Alpaca market data. Cipher Digital dropped 12.3%. Hut 8 lost 10.5%. Nvidia-backed AI cloud provider CoreWeave plunged 15.5%. The rout landed on the same day as a blunt Gartner forecast. Gartner expects more than 80% of specialized AI cloud providers, called neoclouds, to stop operating independently by 2030. The research firm says cost pressures will drive that consolidation. Bitcoin mining stocks: the details Mining ETF CoinShares Bitcoin Mining and Digital Power ETF (WGMI) -10.7% AI-pivoted miners IREN -12.2%; Cipher Digital -12.3%; Hut 8 -10.5% AI cloud CoreWeave -15.5% Bitcoin Roughly -2%, below $82,000 US inflation 3.7% annual in September, from 3.4% in August Gartner forecast More than 80% of neoclouds to cease operating independently by 2030 “Research firm Gartner warned Wednesday that more than $3.5 trillion in AI infrastructure inv...