Riot Platforms (RIOT) mined 527 Bitcoin (BTC) in January, marking its highest monthly production since December 2023, representing a 2% increase compared to December, according to Farside data.
While Riot saw growth, the broader bitcoin mining industry reported underwhelming production numbers, with many major players experiencing month-over-month declines.
- MARA Holdings (MARA) mined 750 BTC in January, a 13% decrease from the previous month.
- Cleanspark (CLSK) saw a 6% drop, mining 626 BTC.
- Other firms also reported losses:
- IREN (IREN): 2% decline
- Core Scientific (CORZ): 13% decline
- Cipher Mining (CIFR): 7% decline
- Bitfarms (BITF): 5% decline
- Hut 8 (HUT): 31% decline
The overall decline in bitcoin production has been largely attributed to rising network difficulty, a challenge highlighted by the CEOs of both Riot and MARA.
Fred Thiel, Chairman and CEO of MARA, explained, “In January, our production saw a 12% month-over-month decline in blocks won, largely due to fluctuations in network difficulty and intermittent curtailment.”
Jason Les, CEO of Riot, remarked, “Riot mined 527 Bitcoin in January, marking the second consecutive month of increased production despite rising network difficulty.”
Bitcoin’s mining difficulty adjusts every 2,016 blocks to maintain an average block time of 10 minutes. The upcoming difficulty adjustment, set for February 9, is expected to reach an all-time high, surpassing the previous record of 108.11 trillion (T).
Mining Stocks Performance Year-to-Date
Bitcoin has risen 4% year-to-date (YTD), serving as a benchmark for mining stocks. Among the miners:
- Cipher Mining (CIFR) stands out, up 27%.
- IREN, RIOT, and CLSK have all posted double-digit gains.
- Bitdeer Technologies (BTDR) is down 25%.
- Core Scientific (CORZ) and TerraWulf (WULF) are both down around 10%.
Hive (HIVE), BTDR, and WULF have yet to report their January production figures.
