Here’s how Nvidia’s $57B Q3 sent Bitcoin mining stocks flying

Key takeaways

Why did Bitcoin mining stocks react to Nvidia’s earnings?

Miners like IREN and Cipher are shifting from crypto mining to AI and data center services, which depend on high-performance GPUs.

How much have IREN and Cipher stocks grown this year?

IREN is up 366.7% YTD, while Cipher is up 215.09% YTD.

As broader markets continued their downward slide on 19th November, Nvidia delivered a standout earnings report that defied sentiment.

Nvidia Q3 results

The chipmaker recorded $57 billion in third-quarter revenue and projected a stronger fourth quarter in the range of $63.7 to $66.3 billion, comfortably beating Wall Street’s $61.98 billion estimate.

During the earnings call, CFO Colette Kress also noted,

” We’ve entered the virtuous cycle of AI. The AI ecosystem is scaling fast — with more new foundation model makers, more AI startups, across more industries, and in more countries.”

He further added,

“AI is going everywhere, doing everything, all at once.”

The ripple effects of Nvidia’s earnings were felt beyond traditional tech, as publicly listed Bitcoin miners like IREN and Cipher Mining saw notable stock gains following the announcement.

These companies have increasingly shifted away from pure Bitcoin mining toward AI-focused data center operations to capitalize on soaring demand for high-performance GPU compute.

IREN and Cipher stock performance

IREN, once primarily a Bitcoin [BTC] mining operation, has now redirected part of its infrastructure toward AI workloads.

The firm recently signed a $9.7 billion multi-year agreement with Microsoft, making the tech giant its largest customer.

Under the deal, IREN will supply Nvidia-powered GPU clusters from its North American facilities, sourcing hardware through Dell Technologies to support large-scale deployments.

This coincided with IREN stock surging more than 10% after hours to $50.45, before later cooling to $45.83, a 6.18% decline.

Yet, despite the pullback, the stock has skyrocketed more than tenfold this year, logging 366.7% year-to-date growth. 

Additionally, Cipher Mining followed a similar trajectory, rallying nearly 13% after hours to $16.51 on the heels of Nvidia’s results.

The company recently secured a 10-year AI hosting agreement with Fluidstack, a Google-backed firm, and is now upgrading its facilities to support Nvidia’s H100 and Blackwell GPUs.

While the stock later retraced to $14.62, the stock has also posted a massive run this year, with 215.09% year-to-date gains. 

However, the move toward AI services coincides with weakening profitability in traditional Bitcoin mining.

Bitcoin miner revenue data

At press time, BTC’smonthly miner revenue dropped sharply, from $1.62 billion in October to $851.84 million in November, according to The Block.

Source: The Block

The decline suggests miners are earning less, not due to reduced interest in Bitcoin, but because of lower network fees, reduced outbound payments, or a temporary shift in activity. 

Still, nations like Kazakhstan have updated their digital laws, signaling a decisive shift toward broader crypto adoption and regulatory maturity.

By removing regional restrictions, easing rules for miners, tightening data protections, and exploring a state-backed crypto reserve, the country is positioning itself as a more open and innovation-friendly hub for digital assets.