Shares in crypto mining companies IREN and CleanSpark dropped due to earnings missing expectations and Bitcoin’s 12% fall to $60,000. CleanSpark’s stock price plummeted 19.13% and fell another 8.6% after-hours to $7.55. CleanSpark reported a revenue of $181.20 million for the quarter ended Dec. 31, missing estimates by 2.9%.

CleanSpark’s net loss was $378.7 million, a sharp decline from the $246.8 million net profit in the same period last year. The company is shifting focus to artificial intelligence to boost profits. IREN Ltd, moving from Bitcoin to AI infrastructure, also missed earnings, with shares down 11.46% and falling an additional 18.5% after-hours to $32.42.

IREN reported revenues of $184.69 million for the last quarter of 2025, missing expectations by 16.49%. The company posted a net loss of $155.4 million, compared to a net income of $384.6 million in the year-ago quarter. Other major crypto mining stocks, including RIOT Platforms and MARA Holding, also fell sharply on Thursday.

Bitcoin’s price down 29% over the past 30 days has led to crashing sentiment in the crypto market. The Crypto Fear & Greed Index fell to a score of 9 out of 100 on Friday, the lowest since the Terra collapse in mid-2022.

Read more at Cointelegraph: Bitcoin Mining Stocks Plunge As Earnings Fall Short