Bitfarms and Marathon Digital Both Mined Over 3K BTC in 2021
The two publicly traded miners also held onto almost all the bitcoin they mined.
Jan 3, 2022 at 11:24 p.m. UTCUpdated May 11, 2023 at 7:15 p.m. UTC
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Bitfarms (BITF) and Marathon Digital (MARA), two of the world’s largest publicly traded bitcoin miners, each announced on Monday that they had mined more than 3,000 bitcoins in 2021.
- Canada-based Bitfarms produced 3,452 bitcoins during the year, and U.S.-based Marathon mined 3,197 bitcoins.
- Bitfarms’ total holdings grew to more than 3,300 bitcoins as of the end of the year, worth $151.8 million at current prices, while Marathon’s holdings increased to 8,133 BTC, worth roughly $375.8 million.
- Most miners began holding onto the bitcoin they mined rather than selling it throughout the year because of the big increase in bitcoin’s price.
- Bitfarms mined 363 bitcoins in December, compared with Marathon’s 484.5 for the month. But Bitfarms’ monthly production throughout the year was more consistent. Marathon’s bitcoin production in November dipped to just 196 because upgrades to its power generation stations cut its computing power.
- Several of Bitfarms’ and Marathon’s rivals, including Bit Mining (BTCM), Hut 8 Mining (HUT) and Riot Blockchain (RIOT), have yet to release their 2021 mining totals.
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Nelson Wang was CoinDesk's news editor for the East Coast. He holds BTC and ETH above CoinDesk's disclosure threshold of $1,000.