CoinInsight360.com logo CoinInsight360.com logo
A company that is changing the way the world mines bitcoin

WallStreet Forex Robot 3.0
CoinDesk 2025-02-07 09:50:00

Riot Platforms Bucks Trend of Weak Bitcoin Production in January

Riot Platforms (RIOT) mined 527 Bitcoin (BTC) in January, marking its highest monthly production since December 2023 and reflecting a 2% increase from the previous month, according to Farside data. However, the broader bitcoin mining sector reported underwhelming production figures, with most major mining firms experiencing month-over-month declines. MARA Holdings (MARA) mined 750 BTC in January , representing a 13% decline from December. Similarly, Cleanspark (CLSK) saw a 6% decrease, mining 626 BTC. Other mining firms also reported negative month-over-month production figures: IREN (IREN): 2% decline Core Scientific (CORZ): 13% decline Cipher Mining (CIFR): 7% decline Bitfarms (BITF): 5% decline Hut 8 (HUT): 31% decline The widespread decline in bitcoin production can be attributed to the increasing network difficulty, which both Riot and MARA's CEOs cited as a key challenge. "In January, our production saw a 12% month-over-month decline in blocks won, largely due to fluctuations in network difficulty and intermittent curtailment," said Fred Thiel, MARA's chairman and CEO. "Riot mined 527 Bitcoin in January, marking the second consecutive month of increased production despite rising network difficulty,” said Jason Les, CEO of Riot. Bitcoin’s mining difficulty adjusts every 2,016 blocks to maintain an average block time of 10 minutes. The next difficulty adjustment, set for Feb. 9, is projected to hit an all-time high , surpassing the previous record of 108.11 trillion (T). Mining Stocks Performance Year-to-Date Bitcoin has risen 4% YTD, serving as a benchmark for mining stocks. Among miners: Cipher Mining (CIFR) is the standout performer, up 27% IREN, RIOT, and CLSK have all posted double-digit gains Bitdeer Technologies (BTDR) is down 25% Core Scientific (CORZ) and TerraWulf (WULF) are both down approximately 10%. Hive (HIVE), BTDR and WULF have yet to report January production figures.

Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.