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Riot Platforms Bucks Trend of Weak Bitcoin Production in January

Riot Platforms Bucks Trend of Weak Bitcoin Production in January
Riot Platforms experienced its highest monthly production since December 2023, mining 527 Bitcoin in January, representing a 2% increase from the previous month. However, other major mining firms reported declines in production, with MARA Holdings mining 750 BTC, a 13% decrease from December, and Cleanspark mining 626 BTC, a 6% decrease. The decline in production across the industry can be attributed to increasing network difficulty, which both Riot and MARA's CEOs cited as a challenge. Bitcoin's mining difficulty is set to hit an all-time high with the next adjustment, which may further impact production. Bitcoin's price has risen 4% year-to-date, which is significant for mining stocks. Some mining firms have yet to report their January production figures.

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