2024

Bitcoin

Drops

Despite Bitcoin's 44% increase in 2024, major <a href="https://ultramining.com/news/en/blockstream-aims-for-bitcoin-profit-with-mining-rig-investment-ahead-of-2024-halving/" rel="noopener noreferrer nofollow">mining companies</a> like <a href="https://ultramining.com/news/en/riot-platforms-to-boost-efficiency-with-midas-immersion-coolings/" rel="noopener noreferrer nofollow">Riot</a> Platforms have suffered significant losses. Riot Platforms’ stock has dropped by 53%, largely due to the decreasing profitability of mining following the <a href="https://ultramining.com/news/en/heat-waves-and-halving-bitcoin-miners-cash-in-amid-rising-prices/" rel="noopener noreferrer nofollow">halving</a> in April. The halving reduced the number of bitcoins miners can earn by half, while the costs of equipment and <a href="https://ultramining.com/news/en/minnesota-man-faces-accusations-of-electricity-theft-for-bitcoin-mining/" rel="noopener noreferrer nofollow">electricity</a> have remained unchanged.
In August, North American publicly traded mining companies minted only 19.9% of the total Bitcoin network. This decline from previous months has led investors to question the profitability of mining under current economic conditions.

Riot Platforms Stock Drops 53% in 2024 Despite Bitcoin Rising 44%

Ultramining_Eng

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