Bitcoin (BTC) Miners Faced a Tough 2024 Despite the Halving Event, Only 7 Out of 25 Publicly Traded Firms Showed Positive Returns

Bitcoin's price skyrocketed by 130% in 2024, surging from $42,300 in January to $98,600 by December 24.

Bitcoin mining stocks had a turbulent year in 2024, despite the cryptocurrency's price skyrocketing by 130%. Out of 25 publicly traded mining companies, only seven managed to achieve positive returns.

The halving event in April, which saw Bitcoin block rewards slashed from 6.25 BTC to 3.125 BTC, had a significant impact on miner revenues. This led to a sharp drop in daily mining earnings, from over $100 million in April to just $42 million by late December.

Moreover, mining difficulty spiked by 50.7%, making the process more costly and competitive, which further impacted profit margins. For many companies, the mounting pressure to stay afloat led them to turn to stock offerings for relief. In total, Bitcoin miners raised over $2.2 billion in 2024, with the majority of the funds raised in the second and third quarters.

On the other side of the spectrum, many mining firms faced significant losses. Argo Blockchain and Greenidge were hit particularly hard, with their stock prices plummeting by 84% and 74%, respectively. Other firms, such as Mara Holdings and Bitfarms, saw declines of 12% and 44%.

However, a handful of companies managed to post impressive gains. Core Scientific experienced a 327% surge, while TeraWulf, Bitdeer, and Hut 8 also saw solid returns, ranging from 91% to 167%.

To bolster their financial positions, some companies like Mara Holdings and Hut 8 took the strategy of accumulating Bitcoin, hoping that holding more of the digital currency would provide better stability moving forward.