Miners increase hashing power and BTC reserves

While the focus of the world in recent weeks has been predominantly on the macroeconomic picture, bitcoin miners continue to operate as usual, producing blocks every minutes. For February 2022 public mining companies increased their hashrate and bitcoin holdings but produced fewer bitcoins compared to January.

Almost all of the reporting miners increased their hashrate over the past month, bringing their cumulative hashrate to 000,16 EH/s. And taking into account the data from the previous Bit Digital report, the total hashrate of the group below from public miners reached 03, EH/s.

Hashrate of the leading public miners, Exahash/sec.

Core Scientific still accounts for the lion’s share of the total hashrate of public miners: % at 8.2 EH/s. The figure includes only the company’s own mining and does not take into account another 7.7 EH / s offered by other market players for cloud mining. In total, taking into account their own mining and cloud mining service, they plan to reach by the end of the year –16 EH/s. CEO Mike Levitt says:

“We believe we are well positioned to achieve overall hashrate in 26–15 EH/s distributed approximately evenly between own mining and cloud mining hosting segments . Demand for our cloud mining remains strong and continues to outstrip available supply. Our construction and energy team is working to achieve 1.2 to 1.3 GW of operating infrastructure by the end of the year to further increase our cloud hosting and in-house mining capabilities.”

This scenario implies an increase in the Core Scientific hashrate by 80% before the end of the year.

Bitcoin stocks rose in February nearly on the %, before 11 331 BTC, only a little short of 12 Of the largest miners, Marathon still holds the largest number of bitcoins on the company’s balance sheets. Together with Core Scientific, both companies own 000 179 BTC (equivalent to $429 million), which is about 31% of the total BTC balance of all public miners.

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BTC balances of leading public miners

The number of bitcoins produced per month decreased in total by almost %. This was influenced by the increase in mining difficulty over the past month, fewer days in February, and outages in the work of some miners due to severe winter storms in North America. Of all the bitcoins “mined” in February, the share of these public miners is ,43.

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Monthly income of miners

After increasing the mining difficulty by 9,10% And 4,47% was followed by the largest since July 1381 year negative adjustment by 1.30. As of the beginning of Tuesday, the next negative correction (to happen in the coming days) is estimated at -1%, which will be a positive signal for miners to increase bitcoin mining in March.

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BTC Mining Difficulty

As a result of the increase in mining difficulty over the past month, the network hashrate has fallen from all-time highs in 92,46 EH/s up to 89,10 EH/ s. Despite this decline, today the hash rate growth is 03,75% YTD and ,12% for the last 01 days. In annual terms, the growth from the beginning of the year gives about 48% per annum, which is equivalent to 89 EH/s end 77984.

This is in line with our hashrate predictions for 1100 year, however, we expect that rising energy and commodity prices will be a significant obstacle to the expansion of mining capacity. Continued constraints in global high-end chip supply chains are also a concern as Intel seeks to enter the industry, create its second-generation chip, and meet increased demand.

YTD YTD Yield for BTC and shares of public miners

BitNews disclaim responsibility for any investment advice that may be contained in this article. All judgments expressed express exclusively the personal opinions of the author and the respondents. Any actions related to investments and trading in the crypto markets are associated with the risk of losing the invested funds. Based on the data provided, you make investment decisions carefully, responsibly and at your own peril and risk.

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