Bitcoin mining revenue fell 18% month-over-month to $1.17 billion, a simple reflection of Bitcoin’s continued price correction from Autumn highs.

Bitcoin mining stocks were further pushed down by hawkish macro-conditions, leading to a general underperformance against bitcoin (BTC) to start the year.

Revenue fees remain low at around one percent of total monthly revenue.

Bitcoin stocks remain a high beta play on Bitcoin, the core commodity these firms create. As such, stocks suffered higher losses than bitcoin itself.