Bitcoin mining companies Bitdeer and Cipher saw their stock prices plummet after the 2024 earnings report. Following U.S. President Trump’s announcement of planned tariffs on imported goods from Canada and Mexico, market sentiment shifted towards risk aversion, leading to a decline in the stock market and impacting the cryptocurrency industry. Bitdeer’s annual revenue decreased by 40% to $69 million, with gross profit dropping from $27 million to $5.10 million. Cipher’s revenue increased to $151 million, but its adjusted losses for the year widened to $106.60 million. Bitdeer and Cipher’s stock prices fell by 28% and 20%, respectively.

Markets sold off Tuesday after President Donald Trump said U.S. tariffs on imports from Canada and Mexico "will go forward" as scheduled next week and the risk-off sentiment in equity markets has impacted the crypto sector.With equities trading lower, a pair of bitcoin mining companies took an even bigger hit following the release of their fourth-quarter earnings reports. Bitcoin's fourth halving in April 2024 cut miners' revenue in half, and these companies have tried to diversify their operations, moving beyond pure crypto mining toward hosting infrastructure for AI and high-performance compute (HPC).Bitdeer Technologies reported annual revenue of $69 million, down 40% year-over-year. The company's gross profit also dropped from $27 million to $5.1 million. Its crypto balance stands at $77.5 million as of Dec. 31, 2024.Bitdeer's total hash rate under management ticked up slightly to 21.6 EH/s, while the amount of bitcoin mined fell from 1,299 in 2023 to 469 in 2024."Last year, we strategically prioritized resources to the development of our proprietary ASIC technology, which temporarily limited our hashrate growth and impacted our financial performance," Matt Kong, chief business officer at Bitdeer said in the press release. "However, this investment resulted in substantial progress in our ASIC technology roadmap, strengthening our competitive moat and positioning Bitdeer for a transformative 2025 and beyond."Cipher Mining reported increased revenues from bitcoin mining in 2024, but also increasing costs of revenue and depreciation. While its revenue rose to $151 million, the company's full-year adjusted earnings loss came out to $106.6 million, wider than the $46 million loss in 2023.Cipher increased its self-mining hash rate in the fourth quarter to approximately 13.5 EH/s after its Odessa fleet upgrade."With our 2.8 GW pipeline and proven track record of execution, we are confident in our vision of becoming a leading data center developer for HPC infrastructure while remaining best-in-class in bitcoin mining," CEO Tyler Page said in the release.Bitdeer's stock was down 28% to $9.38 per share at publication time, while Cipher Mining's stock was down 20% to $3.96 a share. The companies sport market caps of $2.5 billion and $1.9 billion, respectively, according to The Block's price data.

Bitdeer and Cipher's stock prices plummeted after the 2024 earnings report.