As per a Bitcoin mining analyst, the favourable weather conditions in January and stable electricity prices played a role in the increase of production by miners
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A recent analysis by Hashrate Index has shown that the first production update for 2023 from publicly listed Bitcoin mining companies reveals an upward trend in their hash rate and a significant increase in their production of BTC compared to the previous month.
Most public miners raised their production of Bitcoin in January, with CleanSpark leading the way with a 50 percent increase and a record production of 697 Bitcoins. The biggest producer of BTC was Core Scientific, who mined 1,527 coins in January, followed closely by Riot, who produced 740 Bitcoins in the same period.
Marathon and Cipher have experienced substantial growth in their production of Bitcoin, with 687 and 343 Bitcoins produced, respectively, compared to their previous month's production of 475 and 225 Bitcoins in December.
According to Jaran Mellerud, a Bitcoin mining analyst, the favourable weather conditions in January, and stable electricity prices played a role in the increase of production by miners.
Mellerud explained that a winter storm in December affected North America and led to high electricity prices, which forced many mining companies to reduce their operations. However, with the improved weather in January, the electricity prices stabilised, allowing the miners to maintain higher levels of operation and produce more Bitcoins.