After months of rapid expansion, the growth of the Hashrate of Bitcoin slowed down in January, according to the latest report by Theinermag.
The network’s difficulty has seen its first decline since September, indicating that even if the publicly listed companies have continued to increase their hash power, their growth is not enough to compensate for the capitulation of other operators probably smaller.
Total turnover from Bitcoin (BTC) was stable at $ 1.4 billion for the month. The mining companies listed on the stock market, which collectively hold 99,000 bitcoin (worth around $ 9.7 billion), represented around 30% of the Hashrate market share in January.
Competition between the largest listed companies has also increased.
The main mining company, Digital Marathon (Mara), retained its first place with a hashrate made of 41.65 EH / S, followed by Cleanspark at 34.77 EH / S. The Riot platforms, which have developed aggressively, is close to 31.27 EH / S.
“In particular, competition within the group 30 EH / S warms up like never before, while the gap between the level 30 EH / S The Bitfarms – continues to expand, “said the report.
The best minors taking more market share is hardly a surprise because the recent guidance event in half has half reduced Bitcoin extraction awards and tightened the profit margin for industry, even with the price of the BTC nearly $ 100,000. In such an environment, it is difficult for small players to compete with large operations which were already positioned to dominate the market. In fact, many minors are already looking for other sources of income, such as the accommodation of machines for AI and HPC companies.
Read more: Bitcoin Histing is a moment “show me the money” for minors
The report also indicates that imports of mining equipment in the United States also slowed down in January, a factor contributing to the stabilization of the growth of the hashrate. However, some companies, including Blockchain Power Corp and Acrohash, imported a large amount of Bitmain’s cooling infrastructure.
For the future, Theinermag predicts another drop in difficulty adjusting in February because some small mining operators leave the market due to the drop in profitability.
Find out more: Bitcoin Mining is a game of survival, consolidation and potential diversification of AI: Bernstein
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