BTC is up 113% this year, while only 7 of the 25 listed mining companies have achieved positive returns

Odaily reported that as of December 24, BTC rose 113% in 2024. According to hash rate index and Google Finance data, most listed mining companies saw their stock prices in a downward trend by the end of 2024, with a decline of up to 84%. Among the 25 listed mining companies in the index, only 7 achieved positive returns. As of the time of writing, Bitdeer (BTDR) rose 167%, Cipher (CIFR) rose 33%, Hut 8 (HUT) rose 91%, Iris Energy (IREN) rose 72%, Northern Data (NB2) rose 58%, Core Scientific (CORZQ) rose 327%, and TeraWulf (WULF) rose 169%. On the other hand, Argo Blockchain (ARB) fell 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%, and BitFufu (FUFU) down 18% (just to name a few). Overall, 2024 was a year for BTC mining companies to adapt to changes, as they addressed the issues of reduced rewards and increased costs, and sought new revenue sources to maintain operations. BTC miners' cumulative revenue exceeded $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 BTC 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 costs have also increased significantly. For example, BitFuFu reported that the cost of BTC mining increased by 168%, reaching $51,887 per BTC, while mining capacity increased by 62.5%. To strengthen their financial position, many listed mining companies turned to the capital markets. In the second quarter, 9 out of 13 BTC mining companies listed in the US raised about $1.25 billion through stock issuance. This trend continued into the third quarter, with an additional $530 million raised, totaling over $2.2 billion.