According to Wu, Hashrate Index data shows that although Bitcoin has risen by more than 113% this year, most mining stocks have performed poorly in 2024, with only seven achieving positive returns.
Core Scientific (CORZQ) rose 327%, TeraWulf (WULF) rose 169%, Bitdeer (BTDR) rose 167%, Hut 8 (HUT) rose 91%, Iris Energy (IREN) rose 72%, Northern Data (NB2) rose 58%, and Cipher (CIFR) rose 33%.
In contrast, Argo Blockchain (ARB) fell by 84% and Hive (HIVE) fell by 29%. Mining companies are facing challenges such as increased mining difficulty and soaring operating costs. The cost of mining a single BTC for some mining companies even exceeds $50,000.
