Crypto Stock Winners and Losers of 2024

The year 2024 brought significant developments for the crypto industry: another halving, the launch of several cryptocurrency ETFs, and excitement over the change of power in the United States spurred market growth. 

Throughout 2024, the price of Bitcoin rose by 125%, while the S&P 500 index increased by 25%. 

During this period, the total market capitalization of the crypto market nearly doubled—from $1.724 trillion to $3.417 trillion.

Leaders

For several publicly traded companies in the cryptocurrency industry, the year was particularly successful.

MicroStrategy: +417.23%

The IT company MicroStrategy (MSTR), known for its substantial systematic investments in Bitcoin, emerged as the undisputed leader. Its capitalization grew by 417.23% since the beginning of the year, reaching $87.23 billion.

According to a statement by the company’s founder, Michael Saylor, as of December 23, MicroStrategy held 444,262 BTC. The investment yield since the beginning of the year was 73.7%.

Core Scientific: +169.55%

The data center operator for mining, Core Scientific, ranked second with a gain of 169.55%. Its capitalization stands at $4.18 billion.

The company’s own hashrate in November was 19.3 EH/s, with an additional 1 EH/s from client equipment.

In July, Core Scientific agreed to acquire 3-nm mining chips from Jack Dorsey’s Block project. The deal was valued at $300 million.

Bitdeer Technologies: +122.26%

In third place is the cloud computing provider for AI and mining, Bitdeer Technologies. The company’s capitalization is $3.29 billion, with a year-to-date increase of 122.26%.

The company reported a total hashrate of 20.7 EH/s. The computing power of Bitdeer’s own miners was 8.2 EH/s.

In September, Bitdeer completed testing of its own chip for Bitcoin miners, SEAL02.

Terawulf: +112.63%

Fourth place went to Terawulf (WULF), engaged in developing energy infrastructure for Bitcoin mining. Since the beginning of the year, WULF’s capitalization has grown by 112.63% to $2.4 billion.

Terawulf is also involved in Bitcoin mining. As of November, its own hashrate was about 8.4 EH/s.

In October, the company announced the issuance of convertible bonds worth $350 million to raise funds for a stock buyback.

Hut 8: +61.22%

Fifth place went to the miner Hut 8. The company’s capitalization increased by 61.22% since the beginning of the year, reaching $2.27 billion.

As of November 2024, Hut 8 managed equipment with a total hashrate of 21 EH/s, of which 5.7 EH/s was the company’s own hashrate.

In October, Hut 8 introduced a new ASIC miner, U3S21EXPH, developed in collaboration with Bitmain.

Laggards

Amid the overall growth of the crypto market and the positive trend of the S&P 500, many public companies in the crypto industry faced losses and lost a significant portion of their capitalization.

Gryphon Digital Mining: -95.23%

Bitcoin miner Gryphon Digital Mining topped the anti-rating. The company’s capitalization fell by 95.23% since the beginning of the year, down to $22.25 billion.

In August, Gryphon reported a self-mining hashrate of 0.94 EH/s. In the third quarter of 2024, the company’s Bitcoin mining revenues amounted to $3.7 million—71% less than last year’s figure of $5.2 million.

Argo Blockchain: -84.62%

British crypto miner Argo Blockchain took second place in terms of capitalization decline. Since the beginning of the year, the figure has decreased by 84.62% to $42.70 million.

The total hashrate of the company’s data centers in Texas and Quebec is 2.7 EH/s. 

Greenridge Generation: -76.96%

The capitalization of miner Greenridge Generation fell to $19.79 million—a decrease of 76.96% since the beginning of the year.

As of September 2024, Greenridge Generation’s total hashrate was 3.1 EH/s, with 1.3 EH/s allocated for the company’s own cryptocurrency mining.

Bitfarms: -48.94%

The Canadian mining company Bitfarms lost 48.94% of its capitalization since the beginning of the year. The current figure is $798.53 million. 

In November, Bitfarms reported a total hashrate of 12.8 EH/s. 

In July, the company approved a shareholder rights protection strategy to avoid a hostile takeover by competitor Riot Platforms

Hive Digital (HIVE) -37.9%

The capitalization of another Canadian miner, Hive Digital, fell by 37.9% since the beginning of the year, amounting to $403.9 million.

As of November, Hive’s peak hashrate reached 5.7 EH/s, with an average of 5.3 EH/s.

In July, the company announced the construction of a 100 MW mining data center in Paraguay

Back in December, MicroStrategy shares were included in the Nasdaq-100 index.