Crypto Mining Stocks Rally While Bitcoin Slips: Cipher Mining Jumps 8%, MARA Climbs 6%

Crypto mining stocks rallied Tuesday even as Bitcoin slipped, a divergence that suggests the sector is being valued more as artificial-intelligence and high-performance computing infrastructure than as levered Bitcoin exposure. Cipher Mining shares jumped 8% to $19.18, while MARA Holdings rose 6% to $11.96. Other peers also climbed, including IREN Limited up 7% to $47.99 and TeraWulf gaining 9% to $17.94. Bitcoin traded at $78,666.21, down 0.7% over 24 hours, with the iShares Bitcoin Trust ETF (IBIT) down 2%. The article links the rally to shifts in how investors price megawatts installed and grid interconnection rights, alongside evidence of expanded contracted compute revenue. Cipher highlighted its Black Pearl HPC data center and a planned 5.3 GW pipeline by 2030, while MARA detailed Texas site rights, a pending 505 MW acquisition, and an AI conversion partnership.