MARA Leads U.S. Bitcoin Mining Stocks Comeback After a Rough February

U.S. Bitcoin mining stocks are bouncing back after a rough February, with MARA leading the charge. However, despite the recent rebound

U.S. Bitcoin mining stocks are recovering after a turbulent February, with Marathon Digital Holdings (NASDAQ:MARA) leading the charge, aiming to recoup some of its steepest losses.

As of Wednesday, MARA stock is surging more than 8%. The stock fell 37% last month as Bitcoin pulled back from its highs. However, the company reported strong production numbers for February.

“In February, our Bitcoin production per day increased by 4% compared to January, and our energized hash rate ticked up slightly from the previous month as we completed another 40-megawatt data center in Ohio and began installing over 10,000 S21 Pro immersion miners,” said Fred Thiel, MARA’s chairman and CEO.

“This brought our total energized hash rate to approximately 23 P هش and will increase our annualized Bitcoin production capacity to over 1,300 Bitcoin per year. We are also planning to install an additional 10,000 S21 Pro miners at the Ohio facility, which will further expand our hash rate and Bitcoin production.”

Bitcoin mining stocks have posted significant gains this week as Bitcoin rebounded past $90,000. Bitdeer Technologies Group (NYSE:BTDR) stock is leading the way, surging 14% on Monday alone.

Meanwhile, Hut 8 Corp (TOR:HUT) and Canaan Inc. (NASDAQ:CAN) each rose 12%, while Riot Platforms (NYSE:RIOT) advanced 11%, briefly touching $10. On the other hand, CleanSpark Inc. (NASDAQ:CLSK) and MARA both gained more than 11% on Monday, with the latter extending its rally throughout the week.

Moreover, Riot Platforms is also experiencing strong momentum, increasing by 11% to top $10. Core Scientific (NASDAQ: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, considering the macroeconomic challenges.

JPMorgan analysts noted that the combined market capitalization of 14 major public miners dropped by 22%—or $6 billion—last month as Bitcoin slid from around $25,000 to below $20,000.

The bank’s analysts also pointed out a decline in miner revenue. Bitcoin miners earned an average of $54,300 per exahash in daily block rewards, a 5% decrease from the previous month.

However, despite the downturn, miners remain a focus for investors interested in the cryptocurrency sector. As Bitcoin continues to recover, there is potential for further gains in miner stocks.

However, it’s worth noting that the energy-intensive nature of mining means that sustaining profitability becomes more difficult when Bitcoin’s price declines.

Furthermore, Trump’s trade policies could introduce additional risks for U.S. miners. His tariffs on Canada and Mexico have contributed to a “risk-off” sentiment among investors, leading to a pullback from volatile assets, such as 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.

As Bitcoin’s rally pulls miners out of the worst of their losses, the sector remains caught between volatile crypto markets and an uncertain economic backdrop.