According to the latest report by TheMinerMag, Bitcoin’s hashrate growth has noticeably slowed in January 2025, as the market faces challenging conditions. The network’s difficulty experienced its first decline since September, highlighting that although publicly traded mining companies have been expanding their hash power, it’s insufficient to offset the exit of many smaller operators.
Despite the downturn in hashrate growth, Bitcoin mining revenue held steady at $1.4 billion for the month. Public mining firms accounted for nearly 30% of the hashrate market share in January, collectively holding about 99,000 Bitcoin, approximately valued at $9.7 billion.
The competition among the leading publicly traded companies is becoming fiercer. Marathon Digital continues to lead with a hashrate of 41.65 EH/s, closely followed by CleanSpark at 34.77 EH/s, and Riot Platforms, which has been expanding rapidly, at 31.27 EH/s. The report notes that competition within the 30 EH/s group is intensifying, while the gap between this group and those in the 10 EH/s category is widening.
The recent halving event has significantly affected miners, cutting Bitcoin rewards in half and tightening profit margins, making it difficult for smaller miners to compete with those well-positioned in the market. Many are now seeking alternative revenue streams, such as hosting operations for AI and high-performance computing firms.
In January, there was also a slowdown in imports of mining hardware into the U.S., contributing to the stabilization of hashrate growth. However, some companies have managed to import substantial cooling systems from Bitmain.
Looking ahead, TheMinerMag anticipates a further decline in mining difficulty as additional smaller operators may exit the market due to diminishing profitability.
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