Public Mining Declines 32%, Hash Rate Grows 129% in One Year
• Recent analysis of Bitcoin holdings has revealed a 32% decline in public miners’ BTC from April 2022 to January 2023.
• Public miners are now largely concentrated in Marathon Digital, Hut 8 and Riot Platforms.
• Hash rate expansion is “up only” with public miners growing their hash rate by 129% over the past year.
Public Mining Update
Recent analysis of Bitcoin holdings has revealed a 32% decline in public miners’ BTC from April 2022 to January 2023. Public miners are now largely concentrated in Marathon Digital, Hut 8 and Riot Platforms, while the network hash rate recently reached 300 EH/s and public miners make up nearly 25% of all hash rate on a given day (excluding Cipher and Terawulf). Hash rate expansion is “up only” with public miners growing their hash rate by 129% over the past year.
Marathon Statement
Marathon made a statement about their choice to sell some bitcoin that the company mined, saying that they intend to continue selling some of their bitcoin holdings throughout 2023 to fund monthly operating costs. They also expect to have approximately 23 EH/s of capacity installed near the middle of 2023 for further hash rate expansion.
HIVE Report
HIVE reported that they have been selling all of the Bitcoin earned from GPU mining hashrate, focusing on HODLing green Bitcoin mined from ASICs instead.
Riot Platforms Update
Riot Platforms announced that due to unavoidable damage, they are expecting a delayed timeline for growing their hash rate; however, building E at their Rockdale Facility is currently 50% complete and is expected be fully completed this quarter as they execute operations accordingly.
Conclusion
Overall, there has been an ongoing trend of declining Bitcoin holdings among public miners throughout 2022 along with expanding hash rates amongst them as well. Companies such as Marathon Digital, Hut 8 and Riot Platforms have announced plans regarding how they will use bitcoin as well as updates concerning infrastructure build-out progressions expected for completion this quarter.