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January 2023 Insights: Bitcoin Mining Newsletter

Monthly updates on the news, data, and software that matter for bitcoin miners.

Published on Feb 07, 2023

January brought some relief to miners following the chaotic end to 2022, but we’re noway near out of the woods yet! The month also saw a large miner deploy its first Intel-powered rigs, an African national park is mining bitcoin, and lawmakers in some US states have introduced bills to protect their citizens’ rights to mine bitcoin.

This and much more below!

P.S. Read to the end where we’ll also review 2022’s year-in mining data.

The Latest from Braiins:

Nashville Mining and Energy Summit

The team kicked off the year with a trip to the US for the Nashville Mining and Energy Summit 2023 held at the wonderful Bitcoin Park. It was great to see so many Braiins users and industry colleagues in person.

New Braiins Farm Proxy Release

This release includes:

A new Braiins Farm Proxy Monitor to replace the first generation monitoring system.
Support for any miner running Braiins OS+ and Bitmain Antminer S19s and S17s series on stock firmware.
Improved to the data dashboards, device discovery, and dev fee channel
Bug fixes including: duplicated invalid shares/hashrate metrics, miner telemetry

Braiins CMO Speaks at Lugano Plan B Forum

Our CMO Kristian Csepcsar had the pleasure of speaking at the Lugano Plan B Forum in October last year. Kristian was on a panel that included Dr. Adam Back, Jaran Mellerud and was moderated by Natalie Brunell. Footage from the conference is now available on YouTube.

We are bullish on bitcoin miners using flared gas.

Clip from our very own @KristianCsep at the @LuganoPlanB Forum 2022. pic.twitter.com/JkOEysUt1R
— Braiins (@BraiinsMining) January 18, 2023

Mining News

Bitcoin miner Core Scientifc (CORZ) to shut down Celsius Mining’s machines. Celsius Mining is Core’s largest customer
The bitcoin mining council’s Q4 2022 report shows that members and survey participants are using electricity with a 63.8% sustainable power mix
Lawmakers from Missouri and Missippi introduced bills that protect citizen’s rights to mine bitcoin
Blockstream raised US$125m to expand its institutional bitcoin mining and colocation services
Hive Blockchain reported earning the equivalent of 184 BTC from curtailing its’ power use in December due to the polar vortex that affected some parts of the US. Other miners also reported similar earnings from curtailment
Hive Blockchain also announced the deployment of its first Intel-powered rigs
Virunga National Park in Congo is mining bitcoin

Bitcoin Mining Data: January 2023

Stay up to date with the latest bitcoin mining data with the Braiins Insights Dashboard

Bitcoin passed through 3 difficulty epochs this month. There was one downward and two upward adjustments, including one upward adjustment of >10%.

Bitcoin mining difficulty adjusted by -3.59% today.

This is just as hashrate has recovered following the cold spell in the USA which led on-grid bitcoin miners to shut off their machines as part of demand response programs. pic.twitter.com/47v1nLFUxs
— Braiins (@BraiinsMining) January 3, 2023

Difficulty has adjusted upwards by 10.26%.

While this will squeeze miner profit margins, they will also be feeling some relief as the bitcoin price just had its best week since February 2021. pic.twitter.com/4vTSTkPdo4
— Braiins (@BraiinsMining) January 16, 2023

Bitcoin mining difficulty has increased by 4.6% to a new all-time high of 39.35T

📈 pic.twitter.com/QpuiQrvMMY
— Braiins (@BraiinsMining) January 29, 2023

Hashprice increased from 0.59 to 0.75, almost hitting 0.8 at some points in the month.

Hashrate began the month at 271 EH/s and ended at just below 300 EH/s. Miners continued to plug in machines despite adverse operating conditions.

Real-Time Network Hashrate surpassed 300 EH/s for the first time ever.

Braiins Mining Insights

In our latest piece, guest contributor Cathedra President & CSO Drew Armstrong takes you through the history of debt in bitcoin mining, the various types of debt instruments, and the common structures used by mining companies.

Check it out!

P.S. Part 2 dropping soon.

Bitcoin Mining Memes

Ever wondered what a bitcoiner interviewing crypto people would look like?

Wonder no more 🤣 pic.twitter.com/RloKb3dUN7
— Braiins (@BraiinsMining) January 23, 2023

Only one thing counts in this business.

To mine the next block. pic.twitter.com/yKplRa4oxP
— Braiins (@BraiinsMining) January 21, 2023

Sad to see an organization such as @Greenpeace lose so much credibility so quickly. Makes one question if they were ever worth our trust to begin with

Questioning #bitcoin’s impact on the environment is a responsible thing to do, ignoring the facts discovered is something else pic.twitter.com/rwAvefdIDV
— Dirty Coin: The Controversy Behind Bitcoin Mining (@DirtyCoinDoc) January 31, 2023

Braiins Mining Community

It’s freezing again tonight in the Netherlands. Keeping the plants and family warm tuning at 1616W at ~25W/TH with @BraiinsMining pic.twitter.com/PcmqvoAAKu
— Bitcoin Brabant (@BitcoinBrabant) January 17, 2023

There is no second best way to stay warm!

Thank you ⁦@BraiinsMining⁩ (Slush).

Decentralizing from the start.

Always be mining. pic.twitter.com/CyXJjUBqUa
— Brian Roemmele (@BrianRoemmele) January 29, 2023

Thank you, Brian!

Which one of these do I want? s9, gonna access it from web interface. I have no idea what I'm doing. @BraiinsMining pic.twitter.com/u9sbSE9Tqf
— BTC Sessions 😎 (@BTCsessions) January 29, 2023

If you, like BTC Sessions ever want to get acquainted with mining using Braiins OS+, our support team is always here to help. Submit a support ticket via our website or join our support group on Telegram.

I'm partial to my @BraiinsMining socks pic.twitter.com/PPTQPEzU5y
— Gerson Martínez (@gersonmartinez) January 24, 2023

Braiins merch spotted!

New version of Braiin Clock is out!

Display your @BraiinsMining @BraiinsPool user stats directly onto your @Coinkite @theBLOCKCLOCK Mini! NOW WRITTEN IN RUST.. oh my!

Just sit back and watch those sats get stacked. #bitcoin https://t.co/q86rsTIbZt
— Bayer (@Bayernatoor) January 19, 2023

This is awesome, thank you for building it!

Too simple!

Might just go w/ @BraiinsMining analogy if it doesn't take too long to explain pic.twitter.com/sdMYqnaexw
— MAGS 🔑⛏️🚒 (@Crypto_Mags) January 5, 2023

We like the analogy! Check out the full blog post here.

Happy Genesis Block Day for January 3rd!

On this day in 2009, a revolutionary force rose from the ashes of economic turnmoil.

Bitcoin's genesis block was mined by Satoshi Nakamoto. The OG bitcoin miner.

Thank you, Satoshi, and thank you to all the miners, past and present.

Happy bitcoin genesis block day!

🧡💜 pic.twitter.com/DGREci8bia
— Braiins (@BraiinsMining) January 3, 2023

2022 Bitcoin Mining Data Year In Review

Data	Start of 2022	End of 2022	% +/-
Hashrate (EH/s)	178	240	+35%
Difficulty (T)	24.72	36.84	+49%
Hashprice ($/TH/Day)	0.248	0.060	-75.8%
Hashvalue (Sat/TH/Day)	525	360	-31.4%
Total Mining Revenue ($mil/day)	43.87	16.77	-61.7