Deep dive into top public BTC miners following 82% YoY increase in hash rate
Bitcoin (BTC) mining by public companies has grown exponentially in recent years, with hash rate share among top mining companies growing from 23.93 EH/s to 56.98 EH/s from January 2022 to January 2023. doing. Hashrate increased by 82% year-on-year.
top public miner
crypto slate To gain more insight into this growth, we analyzed the top 10 public Bitcoin miners and their hash rates.
The leader is Core Scientific, with about 30% of the hash rate share. Riot and Marathon are second and his third respectively. Together, they account for almost 60% of the hash rate share held by public companies. Most of the 10 public miners on the list have their hashrate share increasing or parity in his YOY.
These 10 companies have about 60 EH/s, which accounts for about 20% of the total hash rate of the 7-Day Moving Average (7DMA), a metric that measures the average hash rate over a 7-day period. This percentage decreased slightly in the previous month, but increased by almost 50% from just 12.58% year-on-year.
Note that this list only includes the top 10 mining companies, with hash rates already above 300 EH/s, so the hash rate share for public miners is likely to be close to 25%. please.
Hash rate & difficulty up
Bitcoin’s hashrate rise is shown in the chart below.The orange line shows a solid positive trendline since July 2021 following China’s mining ban.
The exponential increase in hashrate has had a ripple effect on mining difficulty. With this growth, the mining difficulty is set to adjust him over 10% on Friday, February 24, the largest positive adjustment since October. September 2022 and September 2021.
The rising difficulty points to an ever-increasing demand for Bitcoin and the technology that underpins it. Additionally, higher difficulty means stronger network security. The chart below shows the sharp rise in his BTC difficulty since July 2021, with only 13 negative difficulty adjustments for him out of the last 32.
Additionally, a recent analysis of BTC public miner holdings found they were healthier than last year, distributing bitcoin to exchanges at multi-year lows.
In conclusion, the continued growth in hashrate, coupled with a positive mining difficulty adjustment, indicates that Bitcoin is in a strong position. Public mining companies have played an important role in this growth. I’m here. Their hash rate share increase reflects the growing demand for Bitcoin.
