TechFlow reports that on December 25, according to Cointelegraph, despite Bitcoin's price rising 113% cumulatively in 2024, only 7 out of the 25 publicly traded mining companies tracked by Hashrate Index and Google Finance achieved positive returns. Among them, Bitdeer (BTDR) surged 167%, Core Scientific (CORZQ) jumped 327%, and TeraWulf (WULF) rose 169%. In contrast, Argo Blockchain (ARB) suffered the largest decline, falling 84%.
The year 2024 has been challenging for miners. The Bitcoin halving reduced block rewards from 6.25 BTC to 3.125 BTC, mining difficulty increased 50.71% year-on-year, and operational costs climbed. To cope with the pressure, U.S.-listed mining firms raised over $2.2 billion through stock offerings in the first three quarters. Some companies, such as Core Scientific, have begun expanding into AI, with a partnership with CoreWeave expected to generate $8.7 billion in revenue over the next 12 years.
