Riot Platforms Ramps Up Bitcoin Output as MARA’s Production Slips 12%
Key Takeaways
- Riot Platforms mined 527 BTC in January, increasing its Bitcoin holdings by 3%.
- MARA saw a 12% drop in blocks won and a 13% decline in Bitcoin production.
- The Bitcoin network hash rate rose by 1% in January to 785 EH/s, while mining difficulty fell by 2%.
Riot Platforms continued its expansion in January, increasing its Bitcoin holdings and optimizing operations, while MARA (formerly Marathon Digital) reported a decline in BTC production amid network fluctuations.
At the same time, broader mining conditions are shifting. The Bitcoin network hash rate saw only modest growth, while mining difficulty dipped slightly, providing some relief for operators.
As miners adjust their strategies ahead of the next halving, the industry is at a crossroads—balancing investment, efficiency, and profitability in an increasingly competitive market.
Riot Strengthens Position With Growing BTC Production
Riot Platforms continued its upward trajectory in Bitcoin mining, producing 527 BTC in January despite fluctuating network conditions. The company’s total Bitcoin holdings rose to 18,221 BTC, marking a 3% increase from December.
Riot’s total deployed hash rate reached 33.5 EH/s, with notable expansion at its Corsicana Facility, which hit 15.7 EH/s by month-end. Additionally, Riot earned $3.6 million in power credits, a 250% monthly increase, as it optimized energy consumption across key mining sites.
The company has also initiated an AI and high-performance computing (HPC) evaluation for Corsicana’s remaining 600 MW power capacity, engaging Altman Solon to assess its potential.
Given this shift, Riot has adjusted its 2025 hash rate target from 46.7 EH/s to 38.4 EH/s, aligning with evolving business priorities.
CEO Jason Les highlighted the successful commissioning of Corsicana, improvements in operational efficiency, and the company’s continued focus on cost-effective mining strategies.
Marathon Digital Struggles With Declining Output
In contrast, MARA’s Bitcoin production declined, reporting a 12% drop in blocks won and a 13% fall in BTC mined, producing 750 BTC in January. The decline was attributed to network difficulty fluctuations and intermittent curtailment.
Despite these setbacks, MARA is actively optimizing its fleet, completing the immersion cooling conversion of over 230 containers at its Wolf Hollow, Texas facility to enhance miner efficiency.
At its Kearney, Nebraska site, the company is nearing full conversion to S21 Pro miners, which is expected to boost overall fleet performance.
While MARA’s energized hash rate remained at 53.2 EH/s, the company deployed no new miners in January. Looking ahead, MARA plans to expand mining capacity in 2025 with a focus on near net-zero energy solutions, with further details expected in its upcoming earnings call.
The Bitcoin network hash rate rose by just 1% in January to an average of 785 EH/s, according to JPMorgan, while mining difficulty dropped 2%, easing some pressure on miners.
The weekly moving average at month-end fell 2% to 781 EH/s, an uncommon shift that provided slight relief for mining economics.
Despite this dip, network difficulty remains 25% higher than pre-halving levels. However, mining profitability saw a modest boost, with daily block reward revenue per EH/s rising to $57,200.
The total market capitalization of tracked Bitcoin miners increased by 5%, with Cipher Mining and Riot Platforms leading gains at 23% and 16%, respectively.
With the network conditions evolving post halving, miners are now navigating a more complex environment—balancing expansion, energy costs, and profitability.
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