{"id":19878,"date":"2024-12-25T12:41:37","date_gmt":"2024-12-25T10:41:37","guid":{"rendered":"https:\/\/forklog.com\/en\/bitcoin-miners-stocks-diverge-from-bullish-trend\/"},"modified":"2024-12-25T12:41:37","modified_gmt":"2024-12-25T10:41:37","slug":"bitcoin-miners-stocks-diverge-from-bullish-trend","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/bitcoin-miners-stocks-diverge-from-bullish-trend\/","title":{"rendered":"Bitcoin Miners&#8217; Stocks Diverge from Bullish Trend"},"content":{"rendered":"<p>Since the beginning of the year, Bitcoin&#8217;s price has surged by 113%, yet the shares of most mining companies have ended up &#8220;in the red&#8221; during this period, as noted by <a href=\"https:\/\/cointelegraph.com\/news\/bitcoin-surge-mining-stocks-struggle-2024\">Cointelegraph<\/a>.<\/p>\n<p>Out of 25 public miners, only seven have yielded profitable stock returns in 2024:<\/p>\n<ul class=\"wp-block-list\">\n<li>Core Scientific (CORZQ) \u2014 shares increased by 327%;<\/li>\n<li>TeraWulf (WULF) \u2014 169%;<\/li>\n<li>Bitdeer (BTDR) \u2014 167%;<\/li>\n<li>Hut 8 (HUT) \u2014 91%;<\/li>\n<li>Iris Energy (IREN) \u2014 72%;<\/li>\n<li>Northern Data (NB2) \u2014 58%;<\/li>\n<li>Cipher (CIFR) \u2014 33%.<\/li>\n<\/ul>\n<p>The leading decliners among the largest players by market capitalization were:<\/p>\n<ul class=\"wp-block-list\">\n<li>Argo Blockchain (ARB) \u2014 shares fell by 84%;<\/li>\n<li>Greenidge (GREE) \u2014 74%;<\/li>\n<li>Sphere 3D (ANY) \u2014 69%;<\/li>\n<li>Bitfarms (BITF) \u2014 44%;<\/li>\n<li>Hive (HIVE) \u2014 29%;<\/li>\n<li>MARA Holdings (MARA) \u2014 12%;<\/li>\n<li>BitFufu (FUFU) \u2014 18%.<\/li>\n<\/ul>\n<p>Since April, Bitcoin miners have faced declining revenue due to the scheduled halving. The block reward <a href=\"https:\/\/forklog.com\/en\/news\/bitcoin-undergoes-fourth-halving\">was reduced<\/a> from 6.25 BTC to 3.125 BTC.<\/p>\n<p>Even as the leading cryptocurrency reached record highs above $100,000 in December, daily miner revenue overall failed to exceed $50 million. In March and April, the figure ranged from $60-70 million.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"512\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/miners-revenue-4-1024x512.png\" alt=\"miners-revenue-4\" class=\"wp-image-248575\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/miners-revenue-4-1024x512.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/miners-revenue-4-300x150.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/miners-revenue-4-768x384.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/miners-revenue-4.png 1200w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Data: <a href=\"https:\/\/www.blockchain.com\/explorer\/charts\/miners-revenue\">Blockchain.com<\/a>.<\/figcaption><\/figure>\n<p>Additional pressure on cryptocurrency mining profitability came from the increase in mining difficulty. On December 16, the metric reached a new high of 108.52 T. Over the past 12 months, the figure has risen by more than 50%.<\/p>\n<p>Some miners reported a significant increase in operating expenses over the past year. For instance, BitFuFu&#8217;s costs rose by 168% in the second quarter, reaching $51,887 per mined Bitcoin.<\/p>\n<p>A trend for mining companies this year has been diversifying income through expansion into AI computing. One of the largest deals in this area was <a href=\"https:\/\/forklog.com\/en\/news\/core-scientific-to-earn-3-5-billion-from-ai-computing-deal\">struck by Core<\/a>. The partnership with CoreWeave is expected to generate $8.7 billion in revenue over 12 years.<\/p>\n<p>Other public miners, such as TeraWulf, Hut 8, and <a href=\"https:\/\/forklog.com\/en\/news\/bitcoin-miner-iren-ventures-into-ai-computing-with-pilot-project\">IREN<\/a>, have also pursued AI computing business development.<\/p>\n<p>Analysts at JPMorgan noted that to finance operational costs and add shareholder value, companies in the industry have increasingly been acquiring Bitcoin on their balance sheets, following the example of MicroStrategy.<\/p>\n<p>Leaders in this trend include MARA, Hut 8, and Riot Platforms.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Since the beginning of the year, Bitcoin&#8217;s price has surged by 113%, yet the shares of most mining companies have ended up &#8220;in the red&#8221; during this period, as noted by Cointelegraph. Out of 25 public miners, only seven have yielded profitable stock returns in 2024: Core Scientific (CORZQ) \u2014 shares increased by 327%; TeraWulf [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":19877,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1137,1221],"class_list":["post-19878","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-cryptocurrency-mining","tag-stocks"],"aioseo_notices":[],"amp_enabled":true,"views":"37","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/19878","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=19878"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/19878\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/19877"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=19878"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=19878"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=19878"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}