Multiple Bitcoin mining stocks showed remarkable performance throughout the week, ending with significant double-digit gains. This came despite a notable downturn in trading on Friday afternoon, attributed to President Trump’s announcement regarding renewed tariffs on China.
Leading the surge was the San Antonio-based mining company HIVE (Nasdaq: HIVE), which recorded an impressive 40% return from opening on Monday to closing on Friday. Following closely behind was BitFarms (Nasdaq: BITF), which achieved a robust 31% return.
However, the broader market faced challenges on Friday due to the geopolitical tensions caused by Trump’s renewed threats against China. The BlackRock IBIT Bitcoin ETF saw a decline of 3.7% compared to its previous day’s close, while other exchange-traded funds such as SPY and QQQ reported losses of 2.7% and 3.5%, respectively.
Looking back over the past month, the performance of Bitcoin mining stocks has been striking. Both BITF and HIVE enjoyed more than 100% returns between September 10 and October 10. Additionally, shares of IREN (Nasdaq: IREN) nearly doubled in that timeframe, with an opening price of $30.68 on September 10, and closing just under $60 a month later.
On average, the one-month return for these miners climbed to an impressive 73.26%. Meanwhile, the CoinShares Bitcoin Mining ETF (WGMI) recorded a downturn of 3.9% from its previous day’s close, showcasing the overall volatility in the market amid external pressures.
