🌨️ Winter Storms Impact Bitcoin Production for Major Miners in January
Bitcoin production by some of the largest public miners witnessed a decline in January compared to December, primarily due to disruptions caused by winter storms. Severe weather conditions prompted firms to curtail energy usage, resulting in reduced bitcoin output. Here's a snapshot of the impact on key miners:
**1. Marathon Digital:**
- **Bitcoin Production:** Dropped by 42% from 1,853 BTC in December to 1,084 BTC in January.
- **Disruptions:** Winter storms, weather-related curtailment, and equipment failures causing site outages.
- **Hash Rate:** 26.4 EH/s as of January 31, with an average operational hash rate dropping 14% to 19.3 EH/s.
**2. Core Scientific:**
- **Bitcoin Production:** Declined from 1,177 BTC in December to 1,027 BTC in January.
- **Power Consumption:** Reduced at data centers on multiple occasions, delivering 18,487 megawatt hours to local grid partners.
**3. Riot Blockchain:**
- **Bitcoin Production:** Decreased from 619 BTC in December to 520 BTC in January.
- **Reason:** Increased power demand during extreme cold weather in Texas.
- **Curtailment Efforts:** Generated $3.3 million in power and demand response credits.
**4. CleanSpark, Cipher Mining, Bitfarms:**
- **Bitcoin Production:** Declined by 20% for each company.
- **Reasons:** Grid stability programs promoting energy curtailment amid winter storms.
While some miners sold the bitcoins they produced during the month, others opted to hold onto their inventory. The disruptions are expected to be mitigated in the coming weeks as miners make adjustments and add capacity. 🌨️⛏️
