Most Public Bitcoin Miners Are Thriving

The bitcoin mining industry is booming, and public miners are employing all their efforts to increase daily production and refrain from selling. Marathon Digital, Hut 8, Riot Blockchain, Bitfarms, and HIVE produced a combined total of 1,475 BTC in November, worth nearly $80 million at the time of writing.

Bitcoin miners outside of China started enjoying increased profits as the communist country announced its crackdown on the industry. In the summer, the activity was banned entirely from Chinese soil, leaving no other option for miners than to relocate operations abroad. In the meantime, overseas companies in the industry started benefiting greatly from a decreased Bitcoin total hashrate, scoring bigger profits without increasing capacity. Now, months later and with a nearly fully recovered Bitcoin hashrate, the momentum has held.

Nasdaq-listed Riot Blockchain mined 466 bitcoin last month, an increase of approximately 298% over the same period the previous year, the company said in a statement Thursday. So far this year, the miner has produced 3,387 BTC  262% more than in the first 11 months of 2020. Its deployed fleet of nearly 30,000 rigs is outputting three exahashes per second (EH/s) and adding more bitcoin each month to a stack of 4,464 BTC as of November 30.

Source link Bitcoin Magazine

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