In January 2025, Riot Platforms (RIOT) achieved a significant milestone, mining 527 Bitcoin (BTC), the highest amount since December 2023. This marked a 2% increase in production from the previous month, according to data from Farside. Riot’s performance stands out amidst a challenging environment for bitcoin miners, with most major mining companies reporting lower production figures.
In contrast, several other leading miners reported declines:
- MARA Holdings (MARA) mined 750 BTC in January, reflecting a 13% drop from the previous month.
- Cleanspark (CLSK) saw a 6% decrease, mining 626 BTC.
- Other miners reporting production declines include:
- IREN (IREN): Down by 2%
- Core Scientific (CORZ): Down by 13%
- Cipher Mining (CIFR): Down by 7%
- Bitfarms (BITF): Down by 5%
- Hut 8 (HUT): Down by 31%
The general downturn in production across the sector can be largely attributed to increasing network difficulty. Riot’s CEO, Jason Les, noted, “Despite rising network difficulty, Riot was able to mine 527 BTC in January, marking our second consecutive month of increased production.”
Fred Thiel, CEO of MARA, attributed a 12% decrease in block wins to fluctuations in network difficulty and occasional curtailment of operations, highlighting the industry’s ongoing struggles to adapt to these challenges.
Bitcoin’s mining difficulty adjusts every 2,016 blocks, with the next adjustment expected on February 9. Projections indicate that the difficulty will hit an all-time high, surpassing the current level of 108.11 trillion (T).
Mining Stocks Performance in 2025
Bitcoin’s 4% YTD increase has boosted some mining stocks, with the following notable performers:
- Cipher Mining (CIFR), which has gained 27% year-to-date.
- IREN, RIOT, and CLSK, all showing double-digit increases.
However, Bitdeer Technologies (BTDR) has seen a 25% drop, and both Core Scientific (CORZ) and TerraWulf (WULF) have faced declines around 10%. Production data for Hive (HIVE), BTDR, and WULF for January has yet to be reported.
