What to know:
- January’s hashrate growth barely stretched a muscle, said the wise oracle JPMorgan. 💤
- Mining difficulty decided to take a little nap, dropping by 2% since December. 😴
- The market cap of 14 publicly-listed miners twirled up by a modest 5%. 🕺💃
Ah, the great Bitcoin network! A realm where digital gold miners dig feverishly for their algorithmic treasure. And yet, January, my friends, was a month as muted as whispered complaints at a bureaucrat’s office. JPMorgan, our ever-watchful financial seer, declared that Bitcoin’s hashrate—the gladiatorial metric of mining competition—practically rose from its bed, yawned, and went back to sleep.
The monthly average network hashrate hobbled up by a meager 1% to reach the poetic figure of 785 exahashes per second (EH/s). Mining difficulty, perhaps inspired by some bizarre seasonal apathy, sank 2% from December’s peak grimace. The end-of-month moving average hashrate slouched to 781 EH/s—a decline of 2% since its prior December performance, the report added with a sniff.
“Uncommon,” quipped the esteemed analysts Reginald Smith and his sword-bearing companion Charles Pearce. “A modest tailwind for Bitcoin mining economics,” they added in what we assume was a subdued shrug. Difficulty, they remind us ominously, still lingers 25% higher than those halcyon pre-halving days of last April. *cue dramatic lightning*
Meanwhile, amidst this cheerful mediocrity, a CoinDesk bard sang that Bitcoin’s seven-day moving average hashrate frolicked into the stratosphere—833 EH/s, an all-time high, no less! 🎉 One can only imagine Satoshi Nakamoto applauding from some celestial balcony.
As if on cue, mining profitability inched up in January—by less than 1%! Truly, the miners are living on the edge, pocketing an average of $57,200 per EH/s in daily rewards. A fortune for one, mere breadcrumbs for another, wouldn’t you agree? 🪙🍞
The market cap of bitcoin miners tiptoed upward, 5% from December, like a careful dancer afraid of tearing their new silk shoes. But ah, the drama of individual performers! Cipher Mining (CIFR) and Riot Platforms (RIOT) pirouetted dramatically, soaring by 23% and 16% respectively on the thrilling wings of high-performance computing announcements. Brava! 👏
And then, there’s TeraWulf (WULF), the forgotten jester of this tale, groaning under a heavy January spell that sent its shares tumbling by 16%. Oh, cruel winter, why dost thou mocketh? ❄️🤷♂️
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2025-02-05 10:57