Hey there! It’s December 25th, and we can’t help but notice that Bitcoin has seen some impressive growth this year – it’s gone up 113% since January 1st, 2024! However, not all the news is rosy when it comes to cryptocurrency mining companies. You see, many of these businesses saw their stock prices take a nosedive towards the end of the year.
In fact, some went down as much as 84%! That’s quite a big hit for them. Out of the 25 mining companies we have on our list, just seven managed to come out ahead with positive returns. Here are how some of those fared: Bitdeer (BTDR) skyrocketed by 167%, Cipher (CIFR) rose by 33%, Hut 8 (HUT) jumped by 91%, Iris Energy (IREN) climbed by 72%, Northern Data (NB2) went up by 58%, Core Scientific (CORZQ) surged by an incredible 327%, and TeraWulf (WULF) increased by 169%.
But unfortunately, not everyone was so lucky; Argo Blockchain (ARB), for instance, dropped like a stone – falling by an astonishing 84%. Others like Sphere 3D (ANY), MARA Holdings (MARA), Hive (HIVE), Greenidge (GREE), Bitfarms (BITF), and BitFufu (FUFU) also took hits ranging from -69% to -18%. So what does this mean?
Well, dear readers, it looks like last year was something of a trial period for bitcoin miners who had to get used to changing conditions: lower rewards from mining activities and higher operational expenses. To stay afloat in this new reality, they will need to think creatively about where else they can find sources of income besides simply mining more coins.
Interesting times lie ahead!
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