PANews reported on December 25 that according to Cointelegraph, as of December 24, the return rate of Bit in 2024 reached 113%, however, most mining stocks were unable to fully capitalize on the rise of cryptocurrencies, and were still in a state of decline at the end of the year. According to data from Hashrate Index and Google Finance, the year-end performance of most listed mining companies in 2024 was poor, with a maximum decline of 84%.
Among the 25 listed mining companies in the index, only 7 companies have brought returns to investors so far this year. As of the time of writing, Bitdeer (BTDR) has risen 167%, Cipher (CIFR) has risen 33%, Hut 8 (HUT) has risen 91%, Iris Energy (IREN) has risen 72%, Northern Data (NB2) has risen 58%, Core Scientific (CORZQ) has risen 327%, and TeraWulf (WULF) has risen 169%. On the other hand, Argo Blockchain (ARB) fell 84%, followed by Sphere 3D (ANY) falling 69%, MARA Holdings (MARA) falling 12%, Hive (HIVE) falling 29%, Greenidge (GREE) falling 74%, Bitfarms (BITF) falling 44%, and BitFufu (FUFU) falling 18% (just to name a few).
Overall, 2024 was a year for Bit mining companies to adapt to changes, as they dealt with reduced rewards and increased costs, and sought new revenue sources to maintain operations. Bit miners have accumulated revenue of over $71 billion. According to data from Blockchain.com, the miners' revenue on December 22 was $42 million, while the peak in April exceeded $100 million. Meanwhile, the current average difficulty of the Bit network is 108.52 T, higher than 72.01 T a year ago, an increase of 50.71% over the past 12 months. Due to the increase in operating costs, mining fees have also increased significantly.
