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Core Scientific is the leader in Bitcoin mining stocks, with a 248% YTD increase.
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Bitcoin mining stocks have mixed performance in 2024. Some thrive, while others struggle.
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Bitcoin recovered in September, trading near its cycle high and above its 200-day SMA.
Core Scientific (CORZ), a company that has a 248% gain YTD, is the exception to the mixed results of bitcoin mining stocks in 2024.
They also secured a 12-year contract worth $3.5 billion with CoreWeave to further boost its position. This long-term contract appears to have contributed to Core Scientific’s substantial stock gains. It has positioned the firm as a major player in the industry.
TeraWulf, (WULF), was another outstanding performer. It posted a solid 96% gain. Iris Energy (IREN), meanwhile, saw its stock price rise by 10%, despite the volatility in the sector.
Despite these positive results, many other publicly traded mining companies have reported large losses. GRDI.NE suffered the biggest decline, with a stock value that plummeted by 85%.
Read more: Core Scientific Inks Three New Hosting Contracts Despite Bankruptcy
Argo Blockchain (ARBK), Riot Platforms, and other major underperformers suffered losses of up to 53%. Canaan (CAN), and Stronghold Digital Mining(SDIG) were not far behind with stock values that decreased by 33%. Marathon Digital Holdings, (MARA), and Cipher Mining, (CIFR), both fell by 30%.
Several other companies had mixed results. Bitfarms, Hive Blockchain Technologies and others posted declines of between 20% and 30%. This reflects the challenging conditions that many companies in this sector have experienced.
Read Also: Core Scientific and NYDIG Reach Agreement To Settle $38,6 Million Debt
Factors behind the Performance Gap
The performance differences are likely due to a variety of factors, such as operational efficiencies and energy costs. Cryptocurrency price fluctuations and regulatory pressures also have affected firms differently. In 2024, only few companies delivered strong returns to their investors, demonstrating both the risks and opportunities within the volatile crypto mining industry.
Bitcoin, meanwhile, recovered from a poor August. It has risen by 7.25% in the last seven days, trading at $63,599 as of press time. According to Coincodex data, the cryptocurrency has a position 6.76% higher than the 200-day SMA at $59,500. Bitcoin is also trading near its cycle high of $64,851. BTC has had 16 trading days in the green so far this month.
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