Bitcoin mining revenue holds steady at $1.4 billion as public miners face declining market share
Bitcoin mining revenue remained stable at around $1.4 billion in January, per a new TheMinerMag report.
Network activity registered at 780 EH/s following a period in which the overall hashrate advanced from 642 EH/s in September to 779 EH/s in December. Public mining companies, responsible for roughly 35 percent of total Bitcoin rewards, saw their combined market share decline to 30 percent in January amid operational curtailments, while private operators and other firms adjusted capacity in response to a shifting competitive landscape.
A network difficulty adjustment in early February spurred an uptick in capacity output among public miners, even as the report noted fewer U.S. hardware imports for the month due to units being barred from entry at customs, a factor that may have contributed to the slower hashrate growth.
Per TheMinerMag report, only Iris Energy, Riot Platforms, and Canaan recorded month-over-month growth in realized hashrate, whereas most competitors experienced a contraction in capacity.
MARA maintained its lead with 41.65 EH/s, representing 78.29 percent of its energized fleet, while CleanSpark produced 626 BTC with 34.77 EH/s, and Riot Platforms trailed closely at 31.27 EH/s despite pausing its 600 MW expansion project in Texas.
Bitcoin holdings among public mining companies edged upward, climbing to just over 99,000 BTC by month’s end. Core Scientific shifted its treasury strategy by increasing its Bitcoin reserve from 42 BTC in November to 510 BTC in January, a move contrasted by HIVE Digital and Cipher Mining, both of which liquidated more Bitcoin than they mined to fund capital investments. Cipher Mining’s reserves dropped from 2,284 BTC to 1,091 BTC during the period, underscoring a trend of divesting mined Bitcoin to support operational and capital expenditures.
The scheduled difficulty adjustment on February 23 will register a decrease of 1.2 percent, per TheMinerMag.
The post Bitcoin mining revenue holds steady at $1.4 billion as public miners face declining market share appeared first on CryptoSlate.
Is Maker (MKR) Gearing Up for a Run to $2K?
- Maker soars 17%, trading in the $1.4K range.
- MKR’s daily trading volume jumps over 163%.
Following days of bearishness, the crypto market is giving indications of recovery. Altcoins are taking the lead with prices oscillating between breakouts and declines. Of these, Maker (MKR) has had a remarkable 17.59% gain.
In the early hours, Maker visited its low of $1,184 before climbing up. MKR hit its daily high of $1,473. At the time of writing, the altcoin was trading at $1,428 with its market cap reaching $1.2 billion.
Notably, the market has observed a $1.54 million worth of Maker liquidation during this timeframe. Concurrently, the asset’s daily trading volume has reached $265 million.
The price of Maker has increased by over 41% in the last seven days. The week began trading at $1,011 and the price managed to move upside after hitting the week’s low at the $982 range.
By contrast, a whale sold 1,230 MKR for $1.78 million USDC on average of $1,448, in effect locking away a $418K profit over the course of one month. Last month in April 2024, the whale earned $1.86 million from the previous MKR transaction. With this latest sale, the total profit stands at $2.27 million.
Will MKR Keep the Rally Going?
Maker sees a strong upside push in its four-hour price trajectory. Bull fortification may trigger the price rally toward $1.5K. Holding above the upper trendline could push MKR to get on track to surpass $1,580.
Assuming the re-emergence of bears, taking control over the asset, the Maker price could slide toward the $1,314 level. Losing this level would likely result in a drawdown to $1.1K or even lower.
The Moving Average Convergence Divergence (MACD) line of Maker is settled above the signal line, indicating a bullish crossover. The asset’s short-term price movement has gained strength toward an uptrend.
Besides, the capital flow toward MKR has increased as the Chaikin Money Flow (CMF) indicator positioned at 0.02, suggests the accumulation is weak. Meanwhile, the daily trading volume of the asset has surged by over 163%.
MKR’s Bull Bear Power (BBP) value of 232.06 signals strong bullish momentum. If sustained, it may trigger further price gains. The asset’s daily relative strength index (RSI) at 80.30 infers that Maker is in overbought territory, showing a potential risk of a pullback or correction.
Disclaimer: The opinion expressed in this article is solely the author’s. It does not represent any investment advice. TheNewsCrypto team encourages all to do their own research before investing.
Highlighted Crypto News
Canary Capital’s Litecoin ETF Edges Closer to Approval with DTCC Listing
Read More
TRUMP Memecoin Faces Volatility Amid $320 Million Token Unlock
