cryptojournalist
Bitcoin jumped 113% in 2024, reaching $97,969 by Dec. 24. Yet, most mining companies struggled, with many stocks losing value.
Top Performers
Core Scientific: +327%
TeraWulf: +169%
Bitdeer: +167%
Hut 8: +91%
Iris Energy: +72%
Biggest Losers
Argo Blockchain: -84%
Greenidge: -74%
Sphere 3D: -69%
Bitfarms: -44%
Why Mining Stocks Dropped
Halving Challenges
Bitcoin’s April halving cut mining rewards in half, reducing daily revenue from $100 million to $42 million.
Higher Costs
Mining difficulty rose 50%, and operational costs soared. BitFuFu reported costs of $51,887 per Bitcoin.
New Strategies
To survive, miners raised $2.2 billion through stock sales, diversified into AI, and started holding Bitcoin reserves.
