Public Bitcoin miners increased production and hash rate
Weather and consistent electricity pricing helped Core Scientific, Riot, and CleanSpark lead Bitcoin production in January.
In January, most public miners saw their hash rate rise, albeit slowly. Cipher, situated in Texas, increased its hash rate by over 50% to 4.3 EH/s.
Core Scientific, Riot, and CleanSpark were the top Bitcoin producers in January, helped by favourable weather and stable electricity rates.
The first production report for 2023 from publicly traded Bitcoin $21,976 mining companies, according to a new Hashrate Index analysis, shows a continued rise in hash rate and a substantial increase in BTC production compared to the previous month.
In January, the majority of open-source bitcoin miners increased their output, with CleanSpark boosting it by 50% to set a new record for monthly production of 697 bitcoins. In January, Riot, the second-biggest producer of BTC, mined 740 coins, followed by Core Scientific, the largest producer, who mined 1,527 coins.
Marathon and Cipher have now produced much more Bitcoins than they did in December, reaching 687 and 343 coins, respectively, up from 475 and 225.
According to Bitcoin mining expert Jaran Mellerud, better weather and stable electricity prices in January allowed miners to increase output. Due to skyrocketing electricity prices brought on by a winter storm that swept over North America in December, several of these firms were periodically forced to reduce operations. When the weather was better in January, electricity prices stabilised, allowing miners to boost their uptime.
Although at a slower rate than anticipated, the majority of public miners experienced a rise in hash rate in January. The one exception is the Texas-based Cipher, whose hash rate rose by more than 50% to 4.3 EH/s. Mellerud estimated that Cipher will have reached its hashrate target of 6 EH/s of self-mining capabilities by the end of Q1 2023 because the firm has been investing extensively throughout this bear market.
In addition, as a result of many acquisitions completed in late 2022, CleanSpark's hash rate jumped from 6.2 EH/s in December to 6.6 EH/s. With a hash rate increase of over 30% from 2.1 to 2.7 EH/s in January, Hive also saw growth. According to comments made about Hive performance, the business routinely upgrades its GPU fleet with ASICs, primarily employing Buzzminers that it developed on-site.
