The first production update from publicly traded Bitcoin (BTC) miners in 2023 shows a steady increase in hash rate and a surge in BTC production month-on-month, according to new analysis by Hashrate Index.
The majority of public miners increased their bitcoin production in January, with CleanSpark increasing it by 50% and hitting a record monthly production of 697 bitcoins. At the forefront of BTC production, Core Scientific hit 1,527 coins mined in January, followed by Riot, the second largest producer, mining 740 bitcoins per month.
Marathon and Cipher saw a significant increase in bitcoin production, reaching 687 and 343 bitcoins respectively, compared to 475 and 225 in December.
Public Miners: Monthly Bitcoin Production. Source: Hashrate Index and Luxor
According to bitcoin mining analyst Jaran Mellerud, better weather conditions in January and stable electricity prices helped miners boost production. As the weather was friendlier in January, electricity prices stabilized and miners were able to achieve higher uptime.”
The hash rate increased for most public miners in January, but at a slower rate than expected. The exception is Texas-based Cipher, which increased its hash rate by more than 50% at 4.3 EH/s. “Cipher has been building hard during this bear market and I expect the company to hit its hashrate target of 6 EH/s of self-mining capacity by the end of Q1 2023,” noted Mellerud.
CleanSpark also boosted its hash rate to 6.6 EH/s from 6.2 EH/s in December, following a series of acquisitions in late 2022. Hive also saw growth in January, with its hash rate increasing nearly 30% from 2.1 to 2.7 EH/S. “The company keeps replacing its fleet of GPUs with ASICs, mostly with its internally developed buzzminers,” Hive commented on the performance.
Public Miners: Self Mining Hashrate. Source: Hashrate Index and Luxor
Core Scientific continued to increase its hash rate, hitting 17 EH/s in January versus 15.7 in December. However, the numbers are expected to be impacted by the company’s bankruptcy filing, which has entered into a deal with New York Digital Investment Group (NYDIG) to settle an outstanding $38.6 million debt by handing over more than 27,000 mining machines serving as collateral – representing 18% of Core Scientific rigs.
Core Scientific filed for Chapter 11 bankruptcy on Dec. 21, trying to restructure its debt after months of financial distress due to increased electricity costs and low Bitcoin prices.
Mellerud also pointed out that “on several occasions these companies have extended the timeline of their lofty hashrate expansion goals. Most of them have plans to drastically increase their operational hashrate by the end of Q2 of this year and will likely have to push their expansion plans further into the future.”
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers
Comments are closed.