Bitcoin Mining Revenue Stable at $1.4B Despite Market Share Drop

Bitcoin mining revenue held steady at $1.4 billion in January, according to a new report by TheMinerMag. Despite the stable revenue, public mining companies saw their market share decline to 30 percent amid operational curtailments and a shifting competitive landscape.

The overall network hashrate advanced from 642 EH/s in September to 779 EH/s in December, but registered at 780 EH/s in January. A network difficulty adjustment in early February spurred an uptick in capacity output among public miners, although fewer U.S. hardware imports may have contributed to slower hashrate growth.

Only three public mining companies, Iris Energy, Riot Platforms, and Canaan, recorded month-over-month growth in realized hashrate. MARA maintained its lead with 41.65 EH/s, representing 78.29 percent of its energized fleet. CleanSpark produced 626 BTC with 34.77 EH/s, and Riot Platforms trailed closely at 31.27 EH/s despite pausing its 600 MW expansion project in Texas.

Bitcoin holdings among public mining companies edged upward, climbing to just over 99,000 BTC by month’s end. Core Scientific increased its Bitcoin reserve from 42 BTC in November to 510 BTC in January, while HIVE Digital and Cipher Mining liquidated more Bitcoin than they mined to fund capital investments. Cipher Mining’s reserves dropped from 2,284 BTC to 1,091 BTC during the period.

The scheduled difficulty adjustment on February 23 will register a decrease of 1.2 percent, according to TheMinerMag.