Public Bitcoin Miners Release January 2023 Production Update

We have previously examined the state of Bitcoin mining, but it is also very important to look at the new data that is now available.

This is courtesy of the public Bitcoin miners who recently published their January 2023 productivity data.

While we previously looked at Bitcoin mining from the reserve perspective, the newly published data focuses on production and hash rate.

These segments achieved remarkable growth and expansion in January 2023, compared to December last year.

According to the report, 10 of the major public miners had, on average, higher Bitcoin production in January 2023 than in December 2022.

Source: The Hashrate Index

The hash rate findings also reveal an almost similar outcome. At least seven of the 10 public miners on the list had a higher self-mining hash rate in January compared to December.

Source: The Hashrate Index

There are several possibilities for the results highlighted above. The most important one is that Bitcoin bulls were dominant in January, in contrast to the situation in December.

This means that there was more market activity, hence more transactions. Miners may have adjusted or increased the number of mining rigs to try to meet the higher demand for Bitcoin in the market.

Regarding the hash rate, the report revealed that some of the mining company’s operations were affected by factors such as weather.

What about overall Bitcoin hash rate performance?

A look at Bitcoin’s hash rate over the past 12 months reveals an upward trajectory. It went from as low as 164.47 TH/S in March 2022 to 310.87 TH/S in January 2023.

This also means that the Bitcoin network achieved higher levels of decentralization and efficiency last month.

Source: Coinwarz

How much is 1,10,100 BTC worth today?

Miner earnings show a completely different picture. The lowest miner income was recorded on December 24 last year.

This is around the holiday period where the price hovered near the lowest levels of 2022. The earnings result for miners in January was also peculiar given that it fell sharply during the month.

Source: Glassnode

The decrease in miner earnings in January may have a lot to do with the hash rate.

The latter increased during the month, as more miners went live to take advantage of the bulls. Fees are sure to get lower with more competition as more Bitcoin miners come on board.