Bitcoin mining revenue remained stable at around $1.4 billion in January, per a new TheMinerMag report.

Network activity registered at 780 EH/s following a period in which the overall hashrate advanced from 642 EH/s in September to 779 EH/s in December. Public mining companies, responsible for roughly 35 percent of total Bitcoin rewards, saw their combined market share decline to 30 percent in January amid operational curtailments, while private operators and other firms adjusted capacity in response to a shifting competitive landscape.

A network difficulty adjustment in early February spurred an uptick in capacity output among public miners, even as the report noted fewer U.S. hardware imports for the month due to units being barred from entry at customs, a factor that may have contributed to the slower hashrate growth.

Per TheMinerMag report, only Iris Energy, Riot Platforms, and Canaan recorded month-over-month growth in realized hashrate, whereas most competitors experienced a contraction in capacity.

MARA maintained its lead with 41.65 EH/s, representing 78.29 percent of its energized fleet, while CleanSpark produced 626 BTC with 34.77 EH/s, and Riot Platforms trailed closely at 31.27 EH/s despite pausing its 600 MW expansion project in Texas.

Bitcoin holdings among public mining companies edged upward, climbing to just over 99,000 BTC by month’s end. Core Scientific shifted its treasury strategy by increasing its Bitcoin reserve from 42 BTC in November to 510 BTC in January, a move contrasted by HIVE Digital and Cipher Mining, both of which liquidated more Bitcoin than they mined to fund capital investments. Cipher Mining’s reserves dropped from 2,284 BTC to 1,091 BTC during the period, underscoring a trend of divesting mined Bitcoin to support operational and capital expenditures.

The scheduled difficulty adjustment on February 23 will register a decrease of 1.2 percent, per TheMinerMag.

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