In January Bitcoin network complexity has declined for the first time since September 2024, according to a report by MinerMag. This is despite the fact that large mining companies continue to increase their computing power.
However, total bitcoin mining revenue for the month remained flat at $1,4 billion. Publicly traded mining companies, which collectively hold 99 BTC (worth about $000 billion), accounted for about 9,7% of the hashrate market share in January.
Competition between the largest mining companies has also increased. Leading cryptocurrency mining company Marathon retained its top spot with a realized hashrate of 41,65 EH/s, followed by CleanSpark with 34,77 EH/s. Riot Platforms, which is actively expanding, is closing in on them with 31,27 EH/s.
In recent months, major US mining companies have been struggling to import equipment from China. This has contributed to the slowdown in hashrate growth in January and may be reflected in February. According to analysts at MinerMag, hashrate growth will slow further this month as smaller miners increasingly leave the market due to declining profitability.