After a few months of rapid expansion, the growth in Bitcoin hashrate slowed in January, according to a new report from Theminermag.
Network difficulties have seen their first decline since September, and despite publicly available companies continuing to increase hash power, they are not enough to compensate for the surrender of other, perhaps smaller operators It shows that.
Total revenue from Bitcoin (BTC) mining remained stable at $1.4 billion that month. The public mining company, which collectively owns 99,000 bitcoins (worth around $9.7 billion), accounted for roughly 30% of its hashrate market share in January.
Competition between the largest public companies is also increasing.
Marathon Digital (MARA), a leading mining company, held the top spot with a hashrate realized at 41.65 EH/s, followed by CleanSpark at 34.77 EH/s. The aggressively expanding riot platform is closed at 31.27 EH/s.
“In particular, competition within the 30 EH/S group is more heated than ever before, but the gap between the 30 EH/S layer and the 10 EH/S group includes core scientific, crypto mining and bit farms. – Continuing to expand. The report stated.
The latest harving events cut Bitcoin mining rewards by half, narrowing down the industry's profit margins, even when BTC prices are close to $100,000, making the top miners with more market share almost a surprise Not that. In this environment, it is difficult for small players to compete with large businesses already positioned to dominate the market. In fact, many miners are already looking for other revenue streams, such as hosting machines for AI and HPC companies.
Read more: Bitcoin Harving is the “Show me money” moment for miners
The report also found that mining hardware imports to the US slowed down in January, a factor that contributes to stabilizing hashrate growth. However, some companies, including Blockchain Power Corp and Acrohash, import a substantial amount of cooling infrastructure from Bitmain.
Looking ahead, ThemInermag predicts a decline in another difficulty adjustment in February as some small mining operators withdraw from the market due to low profitability.
Read more: Bitcoin Mining is a game of survival, integration and potential AI diversification: Bernstein
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