In January, Bitcoin's hashrate growth slowed down and the network's difficulty experienced its first decline since September, suggesting that the growth of publicly listed mining companies is not enough to compensate for smaller operators leaving the market. Despite this, the total revenue from Bitcoin mining remained stable at $1.4 billion for the month. Publicly traded mining companies held around 30% of the hashrate market share, with Marathon Digital, CleanSpark, and Riot Platforms leading the way. The recent halving event, which reduced mining rewards, has made it difficult for smaller players to compete with larger operations. As a result, some miners are exploring alternative revenue sources such as hosting machines for AI and HPC firms. The report predicts another decline in difficulty adjustment in February as smaller mining operators exit the market.



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