💰 BTC is up 113% for the year, while only 7 of the 25 listed miners have achieved positive returns As of December 24, Bitcoin is up 113% in 2024. And according to the Hash Rate Index and Google Finance, the share prices of most listed miners are in a downward trend at the end of 2024, falling by as much as 84%. Of the 25 listed miners in the index, only seven achieved positive returns. At press time, Bitdeer ($BTDR) was up 167%, Cipher ($CIFR) was up 33%, Hut 8 ($HUT) was up 91%, Iris Energy ($IREN) was up 72%, Northern Data ($NB 2) was up 58%, Core Scientific ($CORZQ) was up 327%, and TeraWulf ($WULF) was up 169%. On the other hand, Argo Blockchain ($ARB) fell by 84%, followed by Sphere 3D ($ANY) with a drop of 69%, MARA Holdings ($MARA) with a drop of 12%, Hive ($HIVE) with a drop of 29%, Greenidge ($GREE) with a drop of 74%, Bitfarms ($BITF) with a drop of 44%, and BitFufu ($FUFU) with a drop of 18% (to name a few). Overall, 2024 has been a year for Bitcoin miners to adapt to change, as they deal with reduced rewards and increased costs, and seek new revenue streams to stay afloat. Bitcoin miners have accumulated over $71 billion in revenue. According to data, miners earned $42 million on December 22, compared to a peak of more than $100 million in April. At the same time, the current Bitcoin network has an average difficulty of 108.52 T, up from 72.01 T a year ago, and has increased by 50.71% over the past 12 months. Due to the increase in operating costs, the mining expenses have also increased significantly. For example, BitFuFu reported a 168% increase in Bitcoin mining costs to $51,887 per BTC, while mining capacity increased by 62.5%. In order to consolidate their financial position, many listed mining companies have turned to the capital market. In the second quarter, 9 of the 13 US-listed Bitcoin miners raised a total of about $1.25 billion through equity offerings. This trend continued into the third quarter, with an additional $530 million in funding, totaling more than $2.2 billion.