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Increase in Bitcoin production by miners in January

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فوریه 24, 2023
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فوریه 24, 2023

Increase in Bitcoin production by miners in January

Bitcoin’s hash rate increased in January after months

With the increase in Bitcoin production by miners in January, the hash rate of Bitcoin production increased. Core Scientific, Riot and CleanSpark led the rise in Bitcoin production in January, helped by better weather conditions and stable electricity prices. Today in digital currency we want to take a look at the reason and statistics of this issue.


The reason for the increase in Bitcoin production by miners


The first production update in 2023 of the publicly listed Bitcoin ($21,744) based on a new analysis from the Hashrate Index. Mining companies show a steady increase in hash rate and increase in BTC production compared to last month.

Most public miners increased their Bitcoin production in January. Core Scientific, the pioneer of Bitcoin mining, mined 1527 coins in January. And then Riot, the second largest producer, mined 740 bitcoins per month.


Monthly Bitcoin production statistics


and produced 687 and 343 bitcoins respectively. Compared to 475 and 225 bitcoins reached in December.

and led to an increase in the price of electricity, which periodically forced many of these companies to reduce their activities. With good weather in January, electricity prices stabilized. And the miners were able to achieve a higher time.”


The increase in the hashrate of miners in January


Hash rates for most public miners increased in January, but at a slower rate than expected. The exception is Texas-based Cipher, which has increased its hash rate by more than 50% at 4.3 EH/s. Cipher has worked hard during this bear market, Melrod noted. And I expect the company to reach the hash target of 6 EH/s of its own mining capacity by the end of the first quarter of 2023.

CleanSpark also increased its hash rate from 6.2 EH/s in December to 6.6 EH/s after a series of purchases in late 2022. He commented on Hive’s performance: “The company continues to replace its GPU fleet with ASICs, primarily with its in-house Buzzminers.

Core Scientific continued to grow its hash rate from 15.7 in December to 17 EH/s in January. That includes a deal with New York Digital Investment Group (NYDIG) to pay off $38.6 million in outstanding debt by pledging more than 27,000 used mining rigs as collateral. which accounts for 18% of Core Scientific rigs.


Miner’s own extraction hash rate


And it was looking to reorganize its debt after months of financial trouble due to rising electricity costs and low bitcoin prices.

Melrod also noted. that “these companies have on several occasions extended the timelines of their lofty hashrate development goals. Most of them have plans to drastically increase their operational hashrates by the end of the second quarter of this year. At the current rate, most of them will probably have to further their development in the future.”


How to avoid digital currency fraud?

With the increase in fraud and hacking statistics, it is necessary to follow some tips to protect your property.

Despite many cryptocurrency enthusiasts believing that centralized exchanges are more secure, history has often shown that these exchanges are vulnerable to cryptocurrency fraud attacks.


Types of digital currency scams and ways to prevent them


To better understand the potential risks associated with private custody and provide guidance on how to protect yourself from fraud, we draw your attention to an interview with Alice Bucher of Chainabuse – a multi-chain community platform for reporting fraudulent cryptocurrency transactions. do.

One of the scams aimed at exploiting cryptocurrency users is called “pig butchering”.


Bucher said:


A pork butcher scam occurs when the scammer constantly tries to establish a relationship with the victim and over time lovingly fattens him up to invest in fake projects. The fraudster tries to extract as much money as possible from the victim. It often does this by using fake investment sites that show high fake profits and uses social engineering tactics, such as intimidation, to extract more money from the victim.

Social engineering uses psychological manipulation tactics to exploit the natural tendencies of human trust and curiosity.

Cybercriminals in the cryptocurrency industry often aim to take control of high-profile accounts and steal their assets. Between May and August 2022, takeovers of social media accounts including Twitter, Discord and Telegram wreaked havoc. Scammers send malicious non-fungible token (NFT) phishing links during these attacks and compromise high-profile social media accounts.

Once these attackers gain access to a high-profile user account, they typically use it to send phishing messages and other malicious communications to many people, trying to trick them into hand over Compliance with safety tips against digital currency fraud

What should we do to stay safe?

If the contract contains errors or is designed to abuse people, users may lose their tokens. For example, users may lose their digital currency by signing it if it allows its creator to acquire tokens to sell them.


final word


Often times, users don’t know they’ve lost their tokens until it’s too late. Personal custody can be a great way to control one’s assets, but it’s important to understand the risks and take steps to protect yourself from bad users.

To protect yourself when using a self-custody wallet, follow best practices, such as keeping your software up-to-date and using

Unique passwords are very important. It is also very useful to use hardware wallets such as Ledger or Trezor to store your digital currency. This means that a hacker needs physical access to interact with the blockchain, which makes them less vulnerable to being hacked.