Top Performers and Underperformers in Cryptocurrency Stocks for the Year 2024
In the dynamic world of cryptocurrency mining, the 2024-2025 period was marked by significant changes and challenges. Here's a rundown of the key performance and operational highlights for some of the top players, as well as their profitability and challenges.
Top Performers
Bitdeer Technologies
Bitdeer Technologies, a leading cloud computing and mining provider, experienced a surge in self-mining hashrate, with Q2 2025 seeing a jump from 7.3 EH/s to 16.5 EH/s. The company's efficiency improved, although it still lagged behind the best ASICs, targeting 5 J/TH with the SEALMINER A4. Bitdeer expanded its global capacity by 1,257 MW, aiming to reach 1.6 GW by the end of 2025. The company is focusing on renewable energy sites in Texas, Norway, Bhutan, and other locations to hedge against Bitcoin volatility. Despite a revenue growth of $155.6M, Bitdeer recorded a net loss of $147.7M due to high energy costs and non-cash write-downs.
Hive Digital (HIVE)
Hive Digital, a mining company, reported a peak hashrate of 5.7 EH/s in November 2024, with an average of 5.3 EH/s. However, the company's market cap decreased by 37.9% from the previous year, standing at $403.9 million.
Bitfarms
Bitfarms, another major player, boasted a total hashrate of 12.8 EH/s as of November 2024. Despite this, the company's market cap also saw a decrease of 48.94% from the previous year, currently sitting at $798.53 million.
Challenges and Changes
MicroStrategy
MicroStrategy, an IT company known for its significant Bitcoin holdings, did not provide detailed 2024-2025 data. However, the company's profitability is largely derived from the BTC price rather than mining metrics.
Core Scientific, Terawulf, Hut 8, Gryphon Digital Mining, Argo Blockchain, Greenridge Generation
Data for these companies was not found for the 2024-2025 period. However, they likely share sector-wide issues such as scaling, efficiency, and energy cost challenges.
Industry-wide Trends
The 2024 Bitcoin halving cut miner income in half, forcing companies to improve efficiency and pursue economies of scale aggressively. Hashrate growth and mining difficulty reached all-time highs, increasing competition and squeezing miner margins. Mining profitability peaked in July 2025 but still fell short of pre-halving levels. Energy costs and sourcing are crucial, with miners benefiting from ultra-low-cost renewable power and diversifying into AI/HPC workloads to mitigate Bitcoin price volatility. Technological innovation, such as Bitdeer’s SEALMINER series and new AI-oriented HPC infrastructure by other miners, signals attempts to improve efficiencies and revenue diversification beyond mining.
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Bitcoin investing and finance became a crucial aspect of businesses during the dynamic 2024-2025 period, as demonstrated by the significant changes and challenges in the cryptocurrency mining industry. Some top players, such as Bitdeer Technologies, Hive Digital, and Bitfarms, experienced varying levels of success, with Bitdeer Technologies achieving a surge in self-mining hashrate, while Hive Digital and Bitfarms saw a decrease in their market caps. Despite the growth in hashrate, mining profitability failed to reach pre-halving levels due to factors like scaling, efficiency, and energy cost challenges. Energy sourcing and technological innovation are key areas of focus for miners, with renewable power and AI/HPC workloads becoming increasingly important.
