These miners have outgrown bitcoin's hashrate during the bear
And here is to what extent
As most publicly listed bitcoin mining companies have released Jan’23 production updates, it is worth taking a look at their growth year-over-year (YoY) after a bearish 2022.
Because bitcoin mining is a dynamic game, what matters is not only the growth of production but also whether that can outgrow competitors and the network’s average hashrate.
Despite a market downturn in 2022, bitcoin’s average hashrate in January 2023 has increased significantly YoY. So which public mining companies have managed to outgrow the network’s hashrate (and to what extent) through the bear? Below is a quick chart compiled by TheMinerMag and more details from a new post.
Regulation news
Kazakhstan's President Signs Legislation to Limit Energy Usage of Crypto Mining - CoinDesk
Financial news
Bitcoin Miner Stronghold Restructures Debt to Improve Liquidity - Bloomberg
Canada's Hut 8 Mining to merge with US Bitcoin - Reuters
Bitfarms Pays Down $21M Blockfi Loan With $7.75M in Cash - The Block
CleanSpark Plans to Continue Pursuing Acquisitions Amid Bear Market - CoinDesk
Corporate news
Bitcoin Miner Argo Blockchain’s CEO Peter Wall Steps Down - The Block
BitFuFu to Delay SPAC IPO as Appetite for Crypto Stocks Languishes - CoinDesk
CEO of Crypto Miner Layer1 Says Founder Is 'Actively Looting' It - Bloomberg
Riot Expects Growth Delay Due to December Storm Damages - The Block
Hardware and Infrastructure
Digihost Completes Controversial Power Plant Acquisition, Doubling Energy Capacity - CoinDesk
BitNile Pulls 6,500 Rigs From Former Compute North Site - CoinDesk
Bankrupt Crypto Lender Celsius Seeks to Raise $14M From Bitmain Mining Vouchers - CoinDesk
Feature
Will Crypto Cowboys Crash the Texas Grid? - Bloomberg Originals
Bitcoin Miners Surface for Air as Sliding Natural Gas Price Provides Cost Relief - CoinDesk
Are you a journalist or analyst seeking more information or comments from industry experts? We’d love to help!