The largest publicly traded North American Bitcoin mining firms have mined over 10,000 BTC this year. They have added almost all of Bitcoin to their treasury, which has reached nearly 18,000 BTC as of August, and more than fourfold to date.
The largest US-listed Bitcoin mining companies operating predominantly in North America have mined a total of over 10,500 BTC to date, with around 40% of production coming from the last two months.
Public data compiled by The Block shows that Riot, Marathon, Bitfarm, Hut8 and Argo mined a total of 1,796 BTC in August. This was slightly less than their batch production in July, but their individual output in the third quarter has matched or already exceeded production records in the second quarter.
The increase in their output is due to waning competition from Chinese miners and the gradual expansion of established mining fleets as a result of billions of dollars in investment in Bitcoin mining equipment since late last year.
Therefore, their collective output accounted for an average of 5% of total Bitcoin mining revenue to date. This excludes other major private North American mining firms that have gone through the US listing process, such as Core Scientific, Greenidge Generation, and Stronghold Digital.
Bit Digital is the only US-based Bitcoin mining firm that experienced a drastic drop in quarterly production as it closed its Chinese operations in the second quarter and is in the process of shipping more than 14,500 machines to North America. The firm did not update its figures for July and August. The current estimated data in the chart is based on Bit Digital’s mining results for Q2.
Apart from Bit Digital, the other five major Bitcoin mining companies add almost all of their mined Bitcoins to their balance sheets, which as of August totaled 17,960 BTC worth approximately $820 million. However, this includes the 4,812 BTC that Marathon Digital purchased from the secondary market in Q1.
Altogether, the total amount of Bitcoin these five mining firms hold as of August has more than quadrupled since December 31, when they collectively held just 4,176 BTC.
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