February 5, 2025: Leading Bitcoin miners from Wall Street are experiencing a mixed production landscape in January 2025, with extreme weather and network difficulty fluctuations affecting operations across various regions.
Wall Street’s Bitcoin giants reported varying production results. MARA (NASDAQ: MARA), one of the industry’s top miners, experienced a 12% drop in monthly production, generating 750 Bitcoin as against 865 in December. Despite the decline, the company maintained its energized hashrate at 53.2 EH/s, focusing on optimizing its current fleet through immersion cooling conversions in Texas and upgrading to more efficient S21 Pro miners in Nebraska.
MARA’s CEO, Fred Thiel, stated, “Our production saw a 12% month-over-month decrease in blocks won, largely due to network difficulty fluctuations and intermittent curtailment.”
On the other hand, Riot Platforms (NASDAQ: RIOT) exhibited resilience with a 2% rise in monthly production, mining 527 Bitcoin while boosting its total deployed hash rate to 33.5 EH/s. The company completed commissioning its Corsicana Facility but put a halt on its planned 600 MW Phase II Bitcoin mining expansion to explore AI/HPC opportunities.
CleanSpark (NASDAQ: CLSK) hit a significant milestone by crossing the 40 EH/s threshold, despite operations being affected by severe weather conditions. The company produced 626 Bitcoin in January while holding a substantial treasury of 10,556 BTC. CleanSpark continues its expansion efforts in Tennessee, Georgia, and Wyoming.
Hut 8 (NASDAQ: HUT), focusing on infrastructure upgrades in January, reported progress on its 205 MW Vega project, which is expected to energize in Q2 2025 and support a significant colocation agreement with BITMAIN. However, the company’s Bitcoin production fell to 65 BTC from 89 BTC a month ago.
Industry observers have noted that miners are increasingly diversifying their strategies, exploring AI infrastructure opportunities while maintaining their Bitcoin mining operations. The sector continues to adapt amidst challenging weather conditions and evolving market dynamics.
