The Bitcoin (BTC) mining industry in 2024 has navigated an increasingly complex landscape of opportunities and obstacles, as indicated in recent financial reports from key players like MARA Holdings, Riot Platforms, CleanSpark, and IREN, alongside operational updates from Compass Mining.
With Bitcoin prices hovering near $100,000 by late 2024, the sector has seen resilience despite post-halving pressures, rising energy costs, and network difficulty.
The current state of the BTC mining ecosystem is being shaped by past events as well as the anticipation of more crypto-friendly policies by the Trump Administration.
MARA Holdings’ fourth quarter and full year 2024 results, announced in February 2025, reflect a solid year with total revenue reaching $598.8 million, cementing its position as a top earner among public miners.
The company mined 8,908 BTC, though its all-in cost per Bitcoin soared to $134,333 in Q4, highlighting profitability challenges amid intensified competition and higher operational expenses.
Marathon’s energized hash rate climbed to 53.2 EH/s by December, a 15% increase from November, driving its stock (NASDAQ: MARA) to $18.32—up 5.53% on January 15, 2025—reflecting investor confidence despite thinning margins.
Riot Platforms’ full year 2024 financial results, released on February 24, 2025, reported $376.7 million in revenue, bolstered by a $132 million increase in Bitcoin mining income.
Riot mined 4,828 BTC at an average cost of $32,216 per coin, leveraging its low power cost of 3.4 cents per kWh.
Its deployed hash rate hit 31.5 EH/s, with plans to reach 56 EH/s by 2025 via expansions like the Corsicana Facility.
Riot’s stock (NASDAQ: RIOT) rose 6.94% to $13.08 on January 15, underscoring its operational efficiency, though its Q3 all-in cost of $114,040 per BTC signals profitability pressures.
A CleanSpark v IREN latest quarterly earnings comparison from Compass Mining reveals divergent strategies.
CleanSpark’s Q3 FY2024 results showed $467.5 million in revenue, mining 7,024 BTC annually, with a Q3 hash rate of 35.52 EH/s. Its stock (NASDAQ: CLSK) jumped 6.38% to $10.99 in mid-January, buoyed by a strong balance sheet and a $50 million Coinbase credit line.
IREN, however, focused on efficiency, boasting a lower all-in cost of $66,964 per BTC in Q4, outpacing CleanSpark’s $88,085. This cost advantage positions IREN as a lean competitor, though its smaller scale limits revenue compared to CleanSpark.
Compass Mining’s facility update from Feb 24 and weekly performance reports highlight operational dynamics.
The update notes steady uptime across its facilities, with curtailments strategically used to stabilize grids and earn credits—Riot alone garnered $3.3 million in January 2024.
Expansions and relocations, such as CleanSpark’s new sites in Tennessee and Wyoming, underscore the industry’s push to optimize power access and hash rate growth, though specific February 2025 data remains pending.
Other major players like Core Scientific ($557.7 million revenue, $2.75 billion market cap) and Bitfarms face similar challenges: escalating network difficulty post-halving and rising energy costs erode margins.
Despite Bitcoin mining revenue hitting $1.4 billion in January 2025, hash rate growth has slowed, pressuring smaller miners.
Yet, with public miners holding 99,000 BTC ($9.7 billion), the ecosystem remains fairly resilient given the current situation, driven by key players like MARA, Riot, and CleanSpark that are now adapting through scale, efficiency, and innovation.