Bitcoin Hashrate Growth Slows During Challenging Market Conditions for Smaller Miners
The latest report from TheMinerMag emphasizes a slowdown in Bitcoin’s hashrate growth during January. Here’s what you should know:
- Bitcoin mining revenue remained steady at $1.4 billion in January 2025.
- Publicly traded mining companies represent about 30% of the network’s hashrate for that month.
- Competition among the leading mining firms is escalating.
Key Observations
After numerous months of aggressive expansion, Bitcoin’s hashrate growth has decelerated, as indicated by TheMinerMag’s report. The network’s mining difficulty experienced its first drop since September, which implies that while listed companies have been boosting their hash power, it’s insufficient to offset the exit of smaller operators.
The stable revenue from Bitcoin mining is approximately $1.4 billion, and publicly traded firms, collectively holding around 99,000 Bitcoins (valued near $9.7 billion), account for about 30% of the market share.
Leading the market is Marathon Digital (MARA) with a hashrate of 41.65 EH/s, closely followed by CleanSpark at 34.77 EH/s, and Riot Platforms at 31.27 EH/s.
“The competition within the 30 EH/s group is becoming intense, widening the gap from the 10 EH/s group, which includes Core Scientific, Cipher Mining, and Bitfarms,” the report states.
In light of the recent halving event that reduces mining rewards, smaller players face challenges competing against well-established firms. Many miners are exploring alternative revenue streams, such as hosting machines for AI and High-Performance Computing companies.
Future Projections
The MinerMag anticipates a further decline in mining difficulty in February, expected as several smaller operators may leave the market due to reduced profitability.
For further reading, see Bitcoin Halving Is a ‘Show Me the Money’ Moment for Miners.
Disclaimer: Portions of this article were created with the help of AI tools and reviewed for accuracy. For more details, see CoinDesk’s AI Policy.
