Riot Platforms Breaks Away from January's Struggling Bitcoin Production Trend -

Riot Platforms (RIOT) achieved a notable milestone in January by mining 527 Bitcoin (BTC), marking its highest monthly output since December 2023, reflecting a 2% increase from the previous month, as reported by Farside data.

In contrast, the broader bitcoin mining industry experienced disappointing results, with many prominent firms reporting declines in production for January:

MARA Holdings (MARA) mined 750 BTC, representing a 13% drop compared to December.
Cleanspark (CLSK) saw a 6% decrease, producing 626 BTC.
Additional companies also reported month-over-month declines:
- IREN (IREN): 2% decrease
- Core Scientific (CORZ): 13% decrease
- Cipher Mining (CIFR): 7% decrease
- Bitfarms (BITF): 5% decrease
- Hut 8 (HUT): 31% decrease

The drop in bitcoin production is largely attributed to the increasing difficulty of mining, a factor acknowledged by the CEOs of both Riot and MARA.

Fred Thiel, Chairman and CEO of MARA, stated, “In January, our production saw a 12% month-over-month decline in blocks won, primarily due to changes in network difficulty and intermittent curtailment.”

Jason Les, CEO of Riot, added, “Riot mined 527 Bitcoin in January, marking the second consecutive month of increased production despite the challenges posed by rising network difficulty.”

Bitcoin’s mining difficulty adjusts every 2,016 blocks to maintain an average block time of 10 minutes. The next difficulty adjustment, set for February 9, is expected to set a new record, surpassing the previous high of 108.11 trillion (T).

Year-to-Date Performance of Mining Stocks

Bitcoin has appreciated 4% year-to-date (YTD), providing a benchmark for mining stocks. Notable performers among mining stocks include: