When the mining machine starts, it brings in millions in gold. How has it changed now? The once-rich myth has turned into a heavy burden...
According to Hashrate Index data, although Bitcoin has risen more than 113% this year, most mining stocks have performed poorly, with a clear downward trend in 2024. Among 25 listed mining companies, only 7 have achieved positive returns this year, including Core Scientific (CORZQ) up 327%, TeraWulf (WULF) up 169%, Bitdeer (BTDR) up 167%, Hut 8 (HUT) up 91%, Iris Energy (IREN) up 72%, Northern Data (NB2) up 58%, and Cipher (CIFR) up 33%. In contrast, Argo Blockchain (ARB) fell by as much as 84%, and Hive (HIVE) fell by 29%. Although mining companies are actively offsetting the pressure of reduced earnings after halving by financing through increases in share issuance and venturing into AI and other diversified businesses, they still face challenges such as increased mining difficulty and soaring operational costs, with some companies having a cost of over $50,000 per BTC mined. (Cointelegraph)
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