Shares of Bitcoin miners shifting focus to AI infrastructure, including Cipher Mining, TeraWulf, and HIVE Digital, dropped significantly due to rising 10-year Treasury yields nearing 4.7%. Higher yields increase borrowing costs and reduce the present value of future cash flows, impacting companies heavily investing now for revenue expected in 2027-2028. Cipher Mining faced the steepest decline, partly due to analyst downgrades, while others like TeraWulf and Riot Platforms also saw notable losses despite strong contracted revenue backlogs and power capacity. The sector ETF Valkyrie Bitcoin Miners ETF also fell 6%, indicating broad selling pressure. Investors should watch Treasury yields closely as these companies remain in heavy investment phases with delayed revenue streams.
