Marathon Digital Holdings, a major cryptocurrency mining company based in the United States, released its Bitcoin (BTC) mining report for the fiscal year ending December 2021 on January 3.
The report revealed that it has mined a cumulative total of 3,197 BTC in 2021, an 846% increase in mining volume from 2020 when it mined just about 338 BTC. Of the 3,197 BTC, more than one-third (1,098 BTC) was mined in the fourth quarter.
There was a significant improvement in the hashrate as well. As of December 2021, the company recorded a hash rate of 2.1% of the Bitcoin network, an increase of 1,790% from the previous year.
With an increase in production, the company has increased its total bitcoin holdings to approximately 8,133 BTC, worth $375.8 million according to the announcement. Meanwhile, its total liquidity is worth about $644.3 million.
Fred Thiel, Marathon’s CEO, said in the press release:
“We are starting 2022 with substantial momentum and a clear path to grow throughout this year and beyond. Today, we have access to top-tier hosting and renewable power, a strong balance sheet with $644.3 million in total liquidity, and nearly 167,000 industry-leading bitcoin miners being added to our fleet between the start of this year and early 2023.”
“We are optimistic that 2022 will be another great year for our business, and we look forward to growing Marathon into one of the leading bitcoin miners in North America and potentially the largest known miner in the world over the coming quarters,” Thiel added in a statement.
Marathon Digital recently partnered with Bitcoin mining machine maker Bitmain to furnish a supply of roughly 78,000 mining machines to increase its production. The firm estimates that the purchase will expand its mining capacity (hashrate) to 23.3 EH/s by 2023.
Along with Marathon, another miner Bitfarms (BITF) also revealed its mining production for 2021. Canadian-based Bitfarms minted 3,452 BTC in 2021, increasing its holdings by 3,300 BTC as of December.