By Shelly Melancon (Switzerland)
Several large Bitcoin mining firms in the North American continent have seen their mining activities skyrocket since 2021 began. The total number of BTC mined in 2021 so far reached 10k BTC. Interestingly, over 40% of the mined BTC came from activities last month and in July.
According to data from The Block, mining companies, such as Riot and Marathon, mined 1,796 BTC last month. Although the output is less than what was obtained in July, the entire production output for Q3 is far more impressive than Q2.
North America Leading the Way in BTC Mining
It’s not surprising to see the continent pull such an outstanding result from their mining activities. Mining activities in the region increased over the last few months due to reduced mining operations in China. China, which maintains a firm stance of not recognizing cryptocurrency, initiated a clampdown on miners. This act resulted in their relocation to other countries of the world where cryptocurrency was recognized.
With the majority of the miners relocating to the United States and Canada, BTC mining increased tremendously. While China still holds the majority in the mining business, it won’t take too long before the U.S. or any other North American country overtakes China as the superpower. It’s believed that the coming of the miners in the region resulted in improved mining activity.
Another reason for the high production level is the expansion of the mining facilities in the region. Many Bitcoin mining companies invested billions of dollars into upgrading their mining facilities and purchasing equipment. As a result, a boost in production occurred. Their collective mining activities accounted for almost 5% of the total mining revenue to date.
BitDigital Records Decline in Mining Activities
Despite the other large BTC mining firms posting good mining activities, BitDigital was the only one that saw a decline in production. The U.S.-based company shut down its facility around April in China due to the clampdown. However, the company plans to add 14,000 machines to its various facilities across the region to boost production. Experts expect Bit Digital to get the ball rolling soon.Â
As of today, Bitfarm, Marathon, and other reputable mining corporations have stockpiled almost 18k BTC, worth $820M. This is four times more than what these mining corporations held in December 2020. Since Q1, mining operations by these firms have been increasing. We expect the trend to continue in Q4, as more mining equipment is added and miners migrate from China.
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