Public Miners Face Losses in 2024

Core Scientific’s latest analysis shows that several publicly listed miners reported negative returns in 2024, largely due to higher electricity costs and BTC volatility. Some firms cut their workforce by 15–20% to minimize expenses, collectively representing around 25% of U.S. hash power.

As energy rates climbed to $0.08–0.09 per kWh, gross margins dropped 10–12 percentage points. Additionally, extra fees for grid access soared by roughly 30%. Consequently, companies sold a portion of their mined coins, exerting downward pressure on the market.

Experts predict partial relief in the second half of 2025, thanks to the relocation of facilities to cheaper power regions and a potential BTC price rebound. Nonetheless, many investors are reconsidering stakes, wary of further losses.