According to a new analysis from Hashrate Index, the first 2023 production update of publicly traded Bitcoin (BTC) mining companies reveals a steady increase in hash rate and an increase in BTC production compared to the month. former. These results are based on a comparison with the previous month.

In January, the vast majority of public miners increased their bitcoin output, with CleanSpark increasing its output by 50 percent to achieve a record monthly output of 697 Bitcoins. Core Scientific, the most prolific Bitcoin miner, reached a total of 1,527 coins mined during the month of January. Riot, the second most prolific Bitcoin miner, mined a total of 740 Bitcoins during the same period.

Both Marathon and Cipher have seen considerable gains in Bitcoin production, with Marathon reaching 687 Bitcoins created and Cipher reaching 343 Bitcoins generated. This compares to 475 and 225 Bitcoins respectively generated in December.

In January, improving weather conditions and more consistent energy costs helped miners increase their productivity, according to analysis by a Bitcoin mining expert named Jaran Mellerud. “During the month of December, a winter storm swept across the entire North American continent, sending energy bills skyrocketing and intermittently causing many of these companies to scale back operations. Miners were able to achieving higher uptime due to energy costs were able to stabilize throughout the month of January due to improving weather.

Most public miners saw their hash rates grow in January, but at a more gradual pace than anticipated. Cipher, a company located in Texas, is the one notable exception; increased its hash rate by more than 50 percent, reaching 4.3 EH/s. “During this bad market, Cipher has been working very hard to develop itself, and I anticipate the company will meet its hash rate goal of 6 EH/s of self-mining capacity by the end of Q1 2023,” Mellerud stated.

After completing a series of M&As in the second half of 2022, CleanSpark was able to increase its hash rate to 6.6 EH/s, up from 6.2 EH/s in December. Additionally, in January, Hive experienced growth, as evidenced by an increase in its hash rate of approximately 30 percent, from 2.1 to 2.7 EH/s. According to Mellerud, CEO of Hive, the company is continually modernizing its fleet of GPUs with ASICs, most of which are Buzzminers developed in-house.

Additionally, Core Scientific has continued to increase its hash rate, which jumped from 15.7 EH/s in December to 17 EH/s in January. The company’s bankruptcy is expected to have an effect on the figures; these proceedings include an agreement with New York Digital Investment Group (NYDIG) to pay an outstanding debt of $38.6 million by delivering more than 27,000 mining machines used as collateral; these machines represent 18% of Core Scientific equipment. The figures are expected to be affected by the company’s bankruptcy process.

After many months of financial struggle as a result of rising energy bills and falling Bitcoin prices, Core Scientific filed for Chapter 11 bankruptcy on December 21 in an effort to restructure its obligations and start anew.

Mellerud also highlighted the fact that “these corporations have, on more than one occasion, extended the deadline on their ambitious hashrate growth promises.” Most of them have intentions to significantly increase their hash rate which they are now running by the end of the second quarter of this year. At this rate, most of them are likely to be forced to postpone their growth plans to an even further future.