Competition in the Bitcoin mining industry has intensified after half of the recent years, with major companies like Marathon Digital showing strong output and holdings.
Meanwhile, other players face serious challenges, reflecting the dynamic and evolving market landscape.
The competition will be even more intense
Bitcoin mining is entering a fiercely competitive phase as operational costs continue to rise, following half of 2024. This forced many small miners to leave the market, leaving the arena to large publicly listed mining companies. As a result, the market faces centralization problems as mining is concentrated in large companies.
According to CompaniesmarketCap, major players such as Marathon Digital (Mara), Riot Platforms, CleanSpark and Cango maintain a multi-billion dollar market capitalization and continue to function as pillars of the Bitcoin ecosystem. Mining companies rebounded in July, when the network’s hashrate approached an all-time high despite increasing difficulty and competition.
But what about August?
Bitcoin hashrate. Source: BlockChain.com
Mara remains stable
The overall Bitcoin mining output for public companies in August was not particularly optimistic compared to July, but growth rates vary widely.
Typically, the notable shifts came from small miners like Bitfufu and Cipher. Bitfufu’s mining output fell sharply to 408 BTC, a 12.63% decrease from 467 BTC in July. In contrast, Cipher recorded strong growth, mining 241 BTC compared to 214 BTC in July, an increase of 12.62%. Furthermore, its holdings also increased by 16% for a month, significantly expanding to 1,414 BTC.
On the contrary, larger miners showed more moderate changes. For example, CANGO mined 663.7 BTC since July, an increase of 2.03%, while CleanSpark reduced 657 BTC by 2.09%. Meanwhile, the riot platform slipped 1.45% to 477 BTC, but its holdings rose to 19,309 BTC.
Above all, Marathon Digital is stable, with output increasing by 0.28% to 705 BTC, strengthening its position as the largest owner in the industry at 52,477 BTC. The company strengthened its lead as the largest owner, finishing the month with a 1,838 BTC increase of 52,477 BTC.
Source: Beincrypto
Post Bitcoin mining output reduced in August: Mara Tops and Expands first appeared on Beincrypto.
