Marathon’s revenue was up 556% in the first quarter compared to 2021. The hash rate of mining entities also increased, and it appears to continue to do so.
Bitcoin (BTC) mining showed good numbers during the past year. US entities engaged in the activity registered higher production and higher revenues in the first quarter of 2022, with a growth recorded at more than 150% year-on-year in the case of bitcoin generation.
CMarathon, Hut 8, Cleanspark, and Bitfarms highlighted their positions in the first three months of 2022, expressed in monetary income that surpassed 100% compared to the same stage from the previous year.
These mining entities are among the largest operating in the United States of America. They include at least 15 EH/s available together to the Bitcoin platform. They considered that the US concentrates 37.84% of the global hash rate, just over 20% participation in that country alone, although only 7.5% in the whole network.
More Bitcoin Production
Riot generated 1,405 bitcoins in the first quarter of the Year. That figure represented 186% more than the same stage registered last Year when just 461 BTC got produced.
In the case of Marathon, this company generated 1,259 BTC, a noticeable increase since last year they only managed to mine 192 BTC. This figure shows 556%.
Meanwhile, Bitfarms highlighted that they generated at least 961 bitcoins in the Year’s first three months. That figure shows a standard cost of $8,700 for each bitcoin generated, compared to $8,400 last year.
On the other hand, Hut 8 produced at least 942 bitcoins. That figure represented 74% more than the previous year when they reached 539 BTC. And Cleanspark managed to generate 866 BTC, 36% more.
Higher Incomes
The five entities mentioned reported singular growths in their net profits and the activity during last year, almost 500% more, as a sign of the profitability of the operations.
According to the companies’ data reports, Riot’s income expressed in dollars from its mining activity peaked at 150% compared to last year, to a record figure of USD 57.9 million.
In the case of Marathon, the increase was 465% more, after registering an income of USD 41 million in the first quarter, compared to USD 9.1 million gained during the same stage last year.
Hut 8, for its part, saw growth of 67% in its quarterly income, to USD 53.3 million. His mining revenue increased by at least $49.3 million, or the equivalent of 942 BTC produced. Cleanspark had $41.6 million in revenue during the first quarter, a growth of $33.5 million from last year when they brought in $8.1 million. That was a 413% increase.
And Bitfarms acknowledged a total profit of $40 million in the Year’s first quarter. That’s 42% more than in 2021, when the income was $28 million.
By: Jenson Nuñez
