A recent mining report on Bitcoin’s performance in Q3 reveals that the share of public Bitcoin miners has increased in Bitcoin’s hashrate. The stocks of public Bitcoin mining firms were initially doing well in July when Bitcoin was trading above $30K, but their performance deteriorated when the price dropped to the $25K-$26K range. The report also highlights the fluctuation in Bitcoin’s hashrate, with a growth of 56% in the first five months of 2023, followed by a modest decline in June, July, and August, and a sudden 12% increase in September. The authors attribute the seasonal pattern to US-based miners scaling back activities during the summer. The report also discusses the production and hashrate of leading Bitcoin mining companies. Marathon Digital increased its operational hashrate from 7.3 EH/s to over 19.1 EH/s this year and aims to reach 23 EH/s by deploying new rigs. Riot Platforms and Iris Energy experienced mixed results in their hashrate and production, while Core Scientific faced a drop in hashrate capacity due to restructuring. Public Bitcoin miners have been steadily increasing their share of Bitcoin’s hashrate, reaching 27% in October. The report also notes that the US and North America have the highest hashrate concentration, with Europe’s Nordic region gaining popularity among public Bitcoin miners. The article suggests that public Bitcoin mining companies are expanding aggressively in preparation for the upcoming Bitcoin halving next year.
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