Riot Platforms (RIOT) outpaced the broader Bitcoin mining industry in January, mining 527 BTC ($97,790.63), its highest monthly output since December 2023.
Riot Platforms Defies Industry Slump with Strong Bitcoin Production in January
This figure represents a 2% increase from December and defies the industry-wide trend of declining production due to increasing network difficulty.
Bitcoin Miners Struggle Amid Rising Difficulty
While Riot managed to increase its production, most major Bitcoin miners reported a decrease in production compared to the previous month.
MARA Holdings (MARA) – 750 BTC mined, down 13%
Cleanspark (CLSK) – 626 BTC mined, down 6%
Core Scientific (CORZ) – down 13%
Cipher Mining (CIFR) – down 7%
Bitfarms (BITF) – down 5%
Hut 8 (HUT) – 31% down
The drop in mining output was attributed to an increase in the Bitcoin network difficulty, which is adjusted every 2,016 blocks to maintain the 10-minute block time.
The next adjustment, expected on February 9, is expected to push the difficulty to an all-time high, surpassing the previous record of 108.11 trillion (T).
Mining CEOs Respond to Challenges
Industry leaders have acknowledged the challenges miners are facing. MARA Chairman and CEO Fred Thiel noted a 12% month-over-month decrease in blocks mined, attributing this to fluctuations in network difficulty and intermittent outages.
Riot CEO Jason Les underlined his company’s resilience: “Riot mined 527 Bitcoin in January, marking the second consecutive month of increased production despite increasing network difficulty.”
*This is not investment advice.
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