Market share by production of public Bitcoin miners hits new high

Quick Take

According to The Miner Mag data, the market share of Bitcoin production by 16 public companies has reached nearly 23%. These companies produced 3,226 BTC in August, similar to the production in May, June, and July. Despite the stable output, the market share has steadily increased each month, starting at 20% in May, 21% in June, 22.28% in July, and finally reaching 22.76% in August.

The data from the Miner Mag, available since January 2023, also shows that the combined Bitcoin holdings of these public mining companies are approaching 60,000 BTC.

However, miners face significant challenges as the hashprice has dropped below $40 per petahash per second (PH/s), one of the lowest recently observed levels. This decrease in profitability is exacerbated by the surging hash rate, which has reached roughly 700 exahashes per second (EH/s) on a 7-day moving average.

With a difficulty adjustment of over 4% on Sept. 11 and Bitcoin’s price hovering in the mid-$50,000s, miners are bracing for even more challenging conditions that could push the hashprice to an all-time low. The combination of rising difficulty and stagnant Bitcoin prices adds pressure to an already struggling mining sector.

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