PANews reported on December 25, according to Cointelegraph, that as of December 24, Bitcoin's return in 2024 reached 113%, however, most mining company stocks have failed to fully capitalize on the cryptocurrency's upward momentum, still showing a decline at year-end. According to data from Hashrate Index and Google Finance, most listed mining companies performed poorly at year-end in 2024, with the highest decline reaching 84%.
Among the 25 listed mining companies in the index, only 7 have brought gains to investors so far this year. As of this writing, Bitdeer (BTDR) is up 167%, Cipher (CIFR) is up 33%, Hut 8 (HUT) is up 91%, Iris Energy (IREN) is up 72%, Northern Data (NB2) is up 58%, Core Scientific (CORZQ) is up 327%, TeraWulf (WULF) is up 169%. On the other hand, Argo Blockchain (ARB) is down 84%, followed by Sphere 3D (ANY) down 69%, MARA Holdings (MARA) down 12%, Hive (HIVE) down 29%, Greenidge (GREE) down 74%, Bitfarms (BITF) down 44%, BitFufu (FUFU) down 18% (to name a few).
Overall, 2024 is a year for Bitcoin mining companies to adapt to changes, as they have dealt with the issues of reduced rewards and increased costs, seeking new sources of income to maintain operations. Bitcoin miners have accumulated revenue exceeding $71 billion. According to Blockchain.com, miners' revenue on December 22 was $42 million, while the peak in April exceeded $100 million. Meanwhile, the current average difficulty of the Bitcoin network is 108.52 T, up from 72.01 T a year ago, an increase of 50.71% over the past 12 months. Due to rising operational costs, mining fees have also increased significantly.
