Bitcoin experienced a historic 130% rise in 2024, jumping from 42,300 USD to a remarkable 98,600 USD. However, this surge did not translate into profitability for most miners, highlighting significant challenges within the mining sector.
Only 7 of 25 publicly listed Bitcoin miners reported positive stock returns, with Core Scientific achieving a staggering 327% increase. In contrast, Argo Blockchain faced a significant decline of 84%, stressing the sector’s volatility.
Mining costs reached approximately 55,950 USD per Bitcoin by Q3 2024, up 13% from the previous quarter. This, combined with a 50.7% rise in mining difficulty and a halving event, drastically reduced miner revenues.
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