After months of rapid expansion, Bitcoin’s hashrate growth slowed down in January, according to the last report by Theminermag.
The difficulty of the network saw its first decrease since September, which indicates that despite the fact that the companies that are quoted in the stock market have continued to increase their HASH power, their growth is not enough to compensate for the capitulation of other probably smaller operators.
Total income made with Bitcoin mining (BTC) remained stable at $ 1.4 billion for the month. The mining companies that are quoted in the stock market, which collectively have 99,000 Bitcoin (with a value of approximately $ 9.7 billion), represented approximately 30% of the hashrate market share in January.
Competition among larger public companies has also increased.
The main mining firm, Digital Marathon (Mara), retained its first place with a hashrada made of 41.65 eh/s, followed by Cleanspark to 34.77 eh/s. The riot platforms, which have expanded aggressively, are approaching with 31.27 eh/s.
“In particular, the competition within the 30 EH/s group is heating as never before, while the gap between 30 eh/s level and group 10 eh/s, which includes central scientists, encryption mining and bits , continues, “said the report.
The main miners who take more market share are not a surprise since the recent event in half of half has reduced by half of Bitcoin’s mining rewards and squeezed the industry’s profit margin, even with the BTC price about $ 100,000. In such an environment, it is difficult for smaller players to compete with large operations that were already positioned to dominate the market. In fact, many miners are already looking for other sources of income, such as accommodation machines for AI and HPC companies.
Read more: half of half of the bitcoin is a moment of ‘show me the money’ for the miners
The report also said that mining hardware imports to the US also slowed in January, a factor that contributes to the stabilization of hashrato growth. However, some companies, including Blockchain Power Corp and Acrohash, have imported a significant amount of bitmain cooling infrastructure.
Looking towards the future, Theminermag predicts another decrease in difficulty adjustment in February, since some smaller mining operators leave the market due to the lowest profitability.
Read more: Bitcoin Mining is a survival game, consolidation and potential diversification of AI: Bernstein
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