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Public Mining Declines 32% in 10 Months, Hash Rate Expansion Up 129%

• Public mining holdings of bitcoin have decreased 32% in the past 10 months.
• The hash rate across public miners has increased 129% in the last year, and now makes up 25% of the total network hash rate.
• Companies like Marathon Digital, Hut 8, and Riot Platforms are selling a portion of their bitcoin to fund monthly operating costs and other general corporate purposes.

Public Mining Update

Bitcoin holdings across public miners have been declining since April 2022, dropping 32% from 46,930 BTC to 31,892 BTC by January 2023. Despite this decrease in holdings, the public miner’s hash rate has grown significantly; increasing 129% over the past year to reach a total of 25% of Bitcoin’s total network hash rate. The largest contributors to this growth are Bitfarms, Core Scientific, Northern Data, Marathon Digital, Hut 8 and Riot Platforms.

Marathon Digital Statement

Marathon Digital made a statement about their decision to sell some mined bitcoin for “operating expenses and for general corporate purposes” as well as plans for further expansion stating they expect to have approximately 23 EH/s capacity installed by mid-2023. Similarly HIVE announced that it sells all its mined Bitcoin (with a focus on HODLing green Bitcoin mined from ASICs) while Riot Platforms shared their planned delay due to infrastructure damage with an expected completion date later this quarter.

Hash Rate Expansion

The growth in hash rate across public miners has been a significant driver contributing towards overall network growth; with the recent hash rate reaching 300 EH/s. This is even understated because not all public miners such as Cipher and Terawulf are included within these numbers.

Selling Bitcoin Production

Public mining companies such as Marathon Digital are selling some of their mined bitcoin in order to cover operational expenses and other general corporate purposes. Furthermore HIVE is focusing on selling mined Bitcoin earned from GPU mining while holding onto green Bitcoin earned from ASICs.


Public miners’ contribution towards total network hashrate has seen significant growth over the last year despite decreasing levels of bitcoin holdings over time; currently representing 25% of all hashrate on any given day with plans for further expansion anticipated later this quarter by companies such as Marathon Digital and Riot Platforms who will be selling some of their bitcoin production in order to cover operational costs.