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In the world of stock trading, only a handful of sectors can match the volatility of crypto miners. Just as the entire crypto space is unpredictable, dynamic, and prone to sharp swings, stock values of mining companies can also surge or dip practically overnight. And while most of 2025 has been pretty good for the world’s biggest miners, driven by bullish sentiment in the broader market, the last six weeks brought a major downturn, wiping out nearly half of their gains over the previous ten months.
According to data presented by BestWallet.com, the combined market cap of the world’s five largest crypto miners has plunged by a massive $14.2 billion over the past six weeks.
The Sharpest Stock Value Drop Since the 2022 Crypto Market Crash
For years, crypto miners have been among the most volatile Nasdaq stocks, adding and erasing hundreds of millions in value as the market swings. These stocks move with Bitcoin, but often with a higher beta, meaning that if BTC swings 5-10%, crypto miners can swing two to four times more. And while this unpredictable, headache-causing dynamic is nothing new, the stock value dip seen over the past six weeks has been surprisingly sharp even by crypto miners` standards. The Companies Market Cap and YCharts data show just how sharp it was.
The combined market cap of the world’s five largest Bitcoin miners, Iris Energy, Cipher Mining, TerraWulf, Riot Blockchain, and Core Scientific amounted to $15.3 billion in January. Despite a considerable dip in Q1, their stock values rebounded in Q2 and Q3 and hit a combined $45.6 billion by mid-October, marking a massive $30.3 billion gain in just ten months. But things took a sharp turn after that, with mining stocks sinking amid the latest Bitcoin price crash.
After reaching an all-time high of over $127,000 on October 7, BTC nosedived by 30% to $87,400 this week. Crypto mining stocks suffered just as severe plunge. Over the past six weeks, the combined market cap of the world’s five largest miners has dropped by a staggering $14.2 billion to $31.4 billion, erasing nearly half of their gains made over the last ten months. Moreover, this represents the sharpest drop they`ve seen since the 2022 crypto market crash.
While all five crypto miners suffered double-digit losses, Riot Blockchain was hit the hardest, losing $3.3 billion or 41% of its stock value in just six weeks. Iris Energy, the fastest-growing crypto mining stock in 2025, wasn’t far behind, with a 34% drop that wiped $6.2 billion off its market cap. Cipher Mining suffered a $2.2 billion wipeout, representing a 28% decline over the same period, while Core Scientific and TerraWulf follow with 24% and 19% losses, respectively.
Crypto Miners Stay Deep in the Green Despite the $14.2 Billion Wipeout
While a $14.2 billion loss is massive, all five crypto miners remain deep in the green, posting double and even triple-digit gains compared to last year. For example, the fastest-growing crypto miner in 2025, Iris Energy, has surged by a mind-blowing 498% year-over-year, far more than any other company in the top five. Cipher Mining and TeraWulf are also in the triple-digit gain zone, posting 290% and 148% increases, despite the recent wipeout. While still in the green, Riot Blockchain and Core Scientific are far behind these figures, with year-over-year gains of 36% and 24%, respectively.
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