Bitcoin Miners Fight Back in All Fronts — Bitcoin Mining Landscape Overview

Data, trends, and insights in the Bitcoin mining industry

Lumerin Protocol
Lumerin Blog


Key takeaways:

  • Mining companies face challenges amid ETF-driven BTC surge, diversification is key
  • American miners secure legal victory against DOE’s energy consumption survey
  • Bitcoin miners see second-highest daily revenue at $75.9 million

Public Bitcoin Mining Companies Face Challenges Amid ETF-Driven BTC Surge, Diversification Is Key

Bitcoin miners are facing challenges despite the recent surge in BTC prices following the January ETF launch.

While BTC has seen a 42% increase year-to-date, public mining firms like Riot Platforms and Iris Energy have experienced declines of 6.2% and 11%, respectively. Larger mining giants, Bitfarms and Marathon Digital, have only modestly appreciated by 5% and 17%.

This contrast is unusual given the typical correlation between Bitcoin’s price and miners’ revenue. Analysts anticipate the upcoming Bitcoin halving in April, which could impact less efficient miners negatively.

However, companies like CleanSpark, involved in Bitcoin mining and cloud computing, have diversified revenue sources and outperformed BTC, with shares up 64% year-to-date and 603% over the past 12 months.

CleanSpark’s success suggests that miners adapting to challenges, such as the halving, may receive continued investor confidence.

American Miners Secure Legal Victory Against DOE’s Energy Consumption Survey

Bitcoin miners in the US have won a temporary restraining order against the Department of Energy’s (DOE) survey on Bitcoin’s energy consumption.

A federal judge in Texas granted the order, stating that the plaintiffs, including the Texas Blockchain Council and Riot Platforms, are likely to succeed in proving that the DOE’s emergency data collection request lacked sufficient justification.

The survey aimed to assess the electricity consumption of crypto mines amid concerns about their impact on the power grid and the environment.

🫸 The restraining order prevents the DOE from collecting or sharing data until further court proceedings.

The legal victory underscores the ongoing debate surrounding the environmental and social consequences of Bitcoin mining, with industry operations using as much electricity as all US home computers combined, according to a 2022 estimate.

Bitcoin mining’s influence on the power grid in Texas and its environmental effects have triggered legal battles and raised questions about the industry’s sustainability.

Bitcoin Miners See Second-Highest Daily Revenue at $75.9 Million

Bitcoin miners experienced the second-highest daily revenue in history, reaching $75.9 million on March 6, a day after Bitcoin hit a new all-time high above $69,200.

This surge in revenue comes amidst the closure of Bitcoin miner Hut 8’s mining site in Canada due to power disruptions and rising energy costs.

The previous record of $77.3 million occurred on April 14, 2021, when Bitcoin was trading above $60,000.

Concerns arise as some of the largest Bitcoin mining stocks dipped over 27% in the days leading up to March 1, possibly attributed to investor caution ahead of the impending halving event.

The upcoming halving will reduce Bitcoin miner rewards from 6.25 BTC to 3.125 BTC. Historical data shows that after the previous record in miner revenue, Bitcoin prices retraced over 22% in the following 11 days.

While analysts remain optimistic about Bitcoin’s trajectory, technical analysis suggests a potential retracement to below $44,000 during 2024.

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