MARA Leads US Mining Comeback as Bitcoin Miners Rebound From February Losses
Key Takeaways
- MARA stock surged this week, rebounding from a 37% drop in February.
- Other U.S. mining stocks gained momentum as Bitcoin climbed back above $90,000.
- Donald Trump’s trade policies and Bitcoin volatility continue to create uncertainty for miners.
U.S. Bitcoin mining stocks are bouncing back after a rough February, with MARA leading the charge.
However, despite the recent rebound, analysts remain cautious, citing ongoing macroeconomic challenges—including Bitcoin’s (BTC) volatility and potential trade policy shifts under former President Donald Trump.
MARA Leads Mining Stock Comeback After February Slump
MARA surged more than 8% on Wednesday, attempting to recover from its steep February losses.
The stock fell 37% last month as Bitcoin pulled back from its highs.
Despite the downturn, the company reported strong production numbers for February.
“In February, our Bitcoin production per day increased by 4% compared to January,” said Fred Thiel, MARA’s chairman and CEO.
“Blocks won and Bitcoin production decreased by 6% month-over-month, primarily due to a higher network difficulty level and three fewer operational days.”
MARA’s energized hash rate ticked up slightly from the previous month. The company is nearing completion of a 40-megawatt data center in Ohio, where it plans to install over 10,000 S21 Pro immersion miners.
Other U.S. Miners Join the Rally
Bitcoin mining stocks posted strong gains this week as it rebounded past $90,000.
Bitdeer Technologies Group (BTDR) led the way with a 14% jump on Monday alone.
Hut 8 Corp (HUT) and Canaan Inc. (CAN) each surged 12%, while Riot Platforms (RIOT) rose 11%, briefly topping $10 per share.
Meanwhile, CleanSpark Inc. (CLSK) and MARA both gained more than 11% on Monday, with the latter extending its rally throughout the week.
Riot Platforms (RIOT) also experienced strong momentum, up by 11% to top $10. Core Scientific (CORZ) saw more modest gains, climbing 5.3%.
While Bitcoin’s rally has provided short-term relief for miners, analysts warn that uncertainty remains over whether the momentum will continue.
JPMorgan’s Report on Bitcoin Mining
Despite the recent rebound, JPMorgan analysts caution that U.S. Bitcoin miners are still grappling with February’s sharp losses.
According to a recent report from the bank, the combined market capitalization of 14 major public miners dropped by 22%—or $6 billion—last month.
Analysts also pointed to a decline in miner revenue. Bitcoin miners earned an average of $54,300 per exahash in daily block rewards, down 5% from the previous month.
Adding to the challenges, the energy-intensive nature of mining means that sustaining profitability becomes more difficult when Bitcoin’s price declines.
Trump’s Trade Policies Spark Investor Concerns
Beyond Bitcoin’s price swings, analysts warn that Donald Trump’s trade policies could introduce additional risks for U.S. miners.
Trump’s tariffs on Canada and Mexico have contributed to a “risk-off” sentiment among investors, leading to a pullback from volatile assets, including Bitcoin and mining stocks.
In response, some mining companies have begun pivoting to AI computing by repurposing their data centers to support machine learning workloads.
However, that shift faces new hurdles—particularly following the launch of Deepseek, a Chinese AI model that debuted in late January and disrupted the sector.
JPMorgan analysts noted that Deepseek’s emergence—with significantly lower capital investment than U.S. AI giants like OpenAI, Microsoft, and Google—has intensified competition in the AI space, making it harder for Bitcoin miners to capitalize on the industry’s rapid growth.
While Bitcoin’s rally has revived optimism in the sector, miners remain caught between volatile crypto markets and an uncertain economic backdrop.
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