Public miners increased Bitcoin production, hash rate in January

The archetypal accumulation update of 2023 from publically listed Bitcoin (BTC) mining companies shows a dependable summation successful hash complaint and a surge successful BTC accumulation compared to the erstwhile month, according to a caller investigation from Hashrate Index. 

The bulk of nationalist miners accrued their bitcoin accumulation successful January, with CleanSpark boosting it by 50%, reaching a grounds monthly accumulation of 697 Bitcoins. Leading the BTC production, Core Scientific reached 1,527 coins mined successful January, followed by Riot, the second-biggest producer, mining 740 Bitcoins successful the month.

Marathon and Cipher person seen important increases successful Bitcoin production, reaching 687 and 343 Bitcoins generated, respectively, compared to 475 and 225 successful December.

Public Miners: Monthly Bitcoin Production. Source: Hashrate Index and Luxor

According to Bitcoin mining expert Jaran Mellerud, amended upwind conditions successful January and unchangeable energy prices helped miners boost production."In December, a wintertime tempest swept the North American continent and led to surging energy prices that periodically forced galore of these companies to curtail operations. With the upwind much benevolent successful January, energy prices stabilized, and miners were capable to execute a higher up-time."

Hash complaint accrued for astir nationalist miners successful January, but astatine a slower gait than expected. The objection is the Texas-based Cipher that boosted its hash complaint by much than 50%, with a 4.3 EH/s. "Cipher has been gathering hard during this carnivore market, and I expect the institution to scope its hashrate extremity of 6 EH/s of self-mining capableness by the extremity of Q1 2023," noted Mellerud.

CleanSpark besides grew its hash complaint to 6.6 EH/s from 6.2 EH/s successful December, pursuing a bid of acquisitions successful precocious 2022. Hive besides recorded maturation successful January, with its hash complaint expanding by astir 30%, from 2.1 to 2.7 EH/s. "The institution keeps replacing its GPU fleet with ASICs, chiefly with its in-house designed Buzzminers," commented connected Hive performance.

Public Miners: Self-Mining Hashrate. Source: Hashrate Index and Luxor

Core Scientific continued increasing its hash rate, reaching 17 EH/s successful January from 15.7 successful December. The figures, however, are expected to beryllium impacted by the company's bankruptcy proceedings, which see a woody with the New York Digital Investment Group (NYDIG) to wage disconnected an outstanding indebtedness of $38.6 million by handing implicit much than 27,000 mining machines utilized arsenic collateral - representing 18% of Core Scientific rigs.

Core Scientific filed for Chapter 11 bankruptcy connected Dec. 21, seeking to reorganize its debts aft months of fiscal distress owed to accrued energy costs and debased Bitcoin prices.

Mellerud besides pointed retired that "these companies have, connected respective occasions, extended the timeline of their lofty hashrate enlargement goals. Most of them person plans to drastically summation their operating hashrate by the extremity of Q2 this year. At the existent rate, astir of them volition apt person to propulsion their enlargement plans further into the future."