Core Scientific Leads Bitcoin Mining Stocks with 248% YTD Gain

• Core Scientific leads Bitcoin mining stocks with an impressive 248% YTD gain. 
• Bitcoin mining stocks show mixed performance in 2024, some thrive, others struggle.
• Bitcoin rebounded in September, trading above its 200-day SMA and near cycle high.

Bitcoin mining stocks have seen mixed results in 2024, but Core Scientific (CORZ) chose to be an exception; with the company registering a 248% YTD gain.

They also secured a $3.5 billion, 12-year contract with CoreWeave, further boosting its position. This long-term deal appears to have contributed to Core Scientific’s substantial stock gains, positioning the firm as a key player in the industry.

TeraWulf (WULF) was another standout performer, posting a solid 96% return. Meanwhile, Iris Energy (IREN) achieved a 10% increase in its stock price, staying positive despite broader sector volatility.

While these companies recorded positive outings, many other public mining companies reported big losses. GRDI.NE experienced the most significant decline, with its stock value plummeting by 85%.

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Other major underperformers include Argo Blockchain (ARBK) and Riot Platforms (RIOT), which saw losses of 53%. Canaan (CAN) and Stronghold Digital Mining (SDIG) weren’t far behind, with stock values decreasing by 33%. Furthermore, Marathon Digital Holdings (MARA) and Cipher Mining (CIFR) both dropped by 30%.

Several other companies showed mixed results, with Bitfarms ( BITF ) and Hive Blockchain Technologies (HIVE) posting declines between 20% and 30%. This reflects the challenging market conditions many companies in the sector have faced.

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Factors Behind the Performance Gap

The performance differences likely come from various factors, including operational efficiencies, energy costs, and financial health. Also, cryptocurrency price fluctuations and regulatory pressures have affected different firms unevenly. In 2024, only a few companies have delivered strong returns for their investors, showing both the opportunities and risks within the volatile crypto-mining industry.

Meanwhile, Bitcoin recovered from its poor August, rallying by 7.25% over the past seven days to trade at $63,599 at press time. According to Coincodex’s data , the cryptocurrency is positioned 6.76% above the 200-day SMA of $59,500. Plus, Bitcoin is trading close to its cycle high of $64,851. Month-to-date, BTC has seen 16 green trading days.