According to the latest report from TheMinerMag, Bitcoin mining revenue remained stable at $1.4 billion in January 2025. Despite the stable revenue, the Bitcoin network experienced its first difficulty reduction since September, indicating a slowdown in hashrate growth.
Publicly traded mining companies, a significant force in the industry, accounted for about 30% of the network's hashrate in January.
The report notes that publicly traded mining companies continued to expand their computing power, but their expansion was unable to offset the decline in activity by potentially smaller operators who left the market.
As a result, January did not see the rapid growth in hashrate that had been typical in previous months. Currently, these public companies hold 99,000 bitcoins, worth a total of approximately $9.7 billion.
These developments have intensified competition among the leading mining companies, with Marathon Digital leading the pack with a hashrate of 41.65 EH/s. CleanSpark follows closely behind with 34.77 EH/s, and Riot Platforms is close behind with 31.27 EH/s.
The report notes significant competitive pressure among the top tier companies, while the gap between them and the next tier, which includes Core Scientific, Cipher Mining and Bitfarms, is widening.
The recent halving, which halved the Bitcoin mining reward, has helped create an increasingly difficult environment for miners, especially smaller operations. With Bitcoin trading at around $100,000, large mining companies are in a better position to withstand the pressure of reduced margins.
Additionally, mining equipment imports into the US have slowed, with only a few companies like Blockchain Power Corp and AcroHash importing significant cooling systems from Bitmain. This slowdown in equipment imports further contributes to the stabilization of hashrate growth.
TheMinerMag predicts further declines in network difficulty in February due to the exit of smaller mining operators who are having difficulty maintaining profitability.
