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Bitcoin Miners’ Revenue Rose 206% In 2021

Palm Beach, FL – February 15, 2022 – News Commentary – Bitcoin miners made more than $15 billion in revenue over the course of 2021, according to The Block Research. The estimate represents a year-over-year increase of 206%, per The Block Research’s 2022 Digital Asset Outlook Report estimated mining revenue peaked in March, when miners brought in some $1.75 billion, including $167 million in transaction fees. Throughout the year, bitcoin mining revenue was buoyed by soaring prices for the digital asset, which hit an all-time high in early November. With the Chinese government banning crypto mining, there has been an infrastructure boom in other countries in terms of crypto mining, leading to a spike in miners’ revenue globally.  The Block Research said: “Despite several countries cracking down on crypto mining and countries like China even banning it, there was a rise in the revenue generated by Bitcoin miners by 206 per cent in 2021, finds a report by Block Research and GSR, published in January 2022.  The report finds that on a year-to-date basis, Bitcoin miners have generated a total of $15.3 billion in revenue, making 2021 a record year in terms of Bitcoin mining. This spike in Bitcoin mining also contributed to the skyrocketing price of Bitcoin in 2021.  The scenario was no different for Ethereum miners. “Ethereum miners have generated a total of $16.5 billion in revenue, representing a year-on-year increase of 678 per cent, a record revenue year,” says the report.  Though revenues went up overall in 2021, they plunged in the later quarters of the year, following a crackdown by the Chinese government.”   Active companies in the markets today include:  Mawson Infrastructure Group Inc. (NASDAQ: MIGI), Argo Blockchain plc, (NASDAQ: ARBK), Riot Blockchain, Inc. (NASDAQ: RIOT), Marathon Digital Holdings, Inc. (NASDAQ: MARA), Hut 8 Mining Corp. (NASDAQ: HUT).


The article continued: “As the report suggests, there has been a steady rise in mining in countries other than China after the latter banned it in May 2021.  Historically, due to the cheap energy, low overhead cost and the proximity to major manufacturers, Bitcoin mining had been an activity dominated by investors in China,” reads the report.  It concluded: “With the Chinese government banning crypto mining, Bitcoin mining pools were reshuffled and various countries in North America and Kazakhstan became new hot spots, finds the report. The US officially became the world’s largest hub for Bitcoin mining operations and business.”


Mawson Infrastructure Group Inc. (NASDAQ: MIGI) BREAKING NEWS: Mawson Infrastructure Group Inc. Announces January 2022 Bitcoin Production and Operational Update – Mawson produced 140 Bitcoin in January – Bitcoin Self-Mining operating at approximately 1.1 EH end of January Mawson Infrastructure Group Inc. (“Mawson”), a digital infrastructure provider, announces unaudited bitcoin production and operational update for January 2022.


Bitcoin Self-Mining Update

  • In January 2022 Mawson produced 140 Bitcoin
  • January average hash rate at approximately 0.9 EH
  • January end of month hash rate at approximately 1.1 EH
  • February end of month hash rate expected to be 1.35 EH, producing approximately 6.5 bitcoin per day (Based on network difficulty as at 11th February 2022)


Luna Squares Hosting Co-location Update

  • 2 MW of hosting online in January
  • Pipeline of industrial scale hosting co-location customers continues to grow


Operational Update

  • Midland, Pennsylvania facility: civil works ongoing, first Modular Data Centers (MDCs) with full complement of Bitcoin miners expected to be online in March, 2022.
  • Sandersville, Georgia facility: 60 MW expansion ongoing with an additional 13 MDCs to be deployed in February.
  • Australian facility: expansion ongoing with civil works continuing, transformers arriving in February and an additional 7 MDCs expected on site in March, with the facility expected to be fully online by April 2022.


Expected Hash Rate Growth – Mawson expects Bitcoin Self-Mining to be at 3.35 EH by Q2, 2022, and target of 5 EH online by early Q1 2023 reiterated.


James Manning, CEO and Founder of Mawson, said, “January was a period of rapid growth for Mawson – operationally we crossed above the 1 Exahash (EH) level for the first time, ending the month at approximately 1.1 EH, a major milestone for the business. We are now focused on the rapid growth at our Georgia, Pennsylvania and Australian facilities, and continue to assess new sites for our growing business. Demand for our Luna Squares co-location business continues to grow and we look forward to updating shareholders on this front in due course.”    CONTINUED…  Read the MIGI full press release by going to:


In other news and developments of note in the markets this week: 


Argo Blockchain plc, (NASDAQ: ARBK) recently provided the following operational update for January 2022.  During the month of January, Argo mined 172 Bitcoin or Bitcoin Equivalent (together, BTC) compared to 214 BTC in December 2021. This reduction during January is primarily due to an increase in network difficulty.


Based on daily foreign exchange rates and cryptocurrency prices during the month, mining revenue in January amounted to £5.26 million [$7.10 million] (December 2021: £7.82 million [$10.55 million]).


Argo generated this income at a Bitcoin and Bitcoin Equivalent Mining Margin of approximately 74% for the month of January (December 2021: 83%).


Riot Blockchain, Inc. (NASDAQ: RIOT), an industry leader in Bitcoin (“BTC”) mining and hosting, recently announced production and operations update for January 2022, updates to the status of miner shipments and deployment, updates on the 400 megawatt (“MW”) infrastructure expansion at the Company’s Whinstone US, Inc., (“Whinstone”) facility in Rockdale, Texas (the “Whinstone Facility”), and an update on remaining flexible for the ERCOT power grid stabilization.


“Riot is well-positioned for continued growth and production in 2022,” said Jason Les, CEO of Riot Blockchain. “We are pleased to share that miner deployments in one of our immersion-cooled buildings are now fully underway. We have refined our process for driving immersion-based miner installations and are now initiating tests on productivity enhancements supported by this cooling technology. We expect to see increases in our hash rate capacity as we continue to execute on deployments in the newly completed Building F and the soon to be completed, Building G.


Marathon Digital Holdings, Inc. (NASDAQ: MARA), one of the largest enterprise Bitcoin self-mining companies in North America, recently published unaudited bitcoin (“BTC”) production and miner installation updates for December 2021.


“2021 was a transformative year for Marathon as we increased our hash rate 1,790% and increased our bitcoin production 846% year-over-year to 3,197 self-mined BTC,” said Fred Thiel, Marathon’s CEO. “We finished the year with our most productive month to date, producing 484.5 bitcoin in December and 1,098 bitcoin in the fourth quarter. We expanded our agreement with Compute North and secured access to reliable hosting and renewable power behind the meter at industry low rates for over 100,000 of our previously purchased miners. And more recently, we placed a record order for BITMAIN’S newest machines, the S19 XP. As a result, we have increased our projected hash rate by 75% from our prior projection of 13.3 EH/s by the middle of 2022 to 23.3 EH/s by early 2023.


Hut 8 Mining Corp. (NASDAQ: HUT), one of North America’s largest, innovation-focused digital asset mining pioneers, supporting open and decentralized systems since 2018, recently provided the following corporate update.


Mining Production Highlights for January 2022 Were: 308 Bitcoin were mined, resulting in an average production rate of 9.93 Bitcoin per day; 100% of the self-mined Bitcoin for the month of January were deposited into custody, consistent with Hut 8’s Hodl strategy; Total Bitcoin balance held in reserve is 5,826 as of January 31, 2022; and Installed operating capacity currently sits at 2.36 EH/s, a 17% increase from December 31, 2021.


Operations Updates for January 2022 Were: During January 2022, the Company installed 6,317 MicroBT M30S and M31S+ miners, while retiring the older fleet of Bitfury Clarkes; and Hut 8 has also advanced with respect to construction and development of the Company’s third data centre located in North Bay, Ontario. The building structure is complete, floors are being poured imminently and racking is expected to commence later in February 2022.


DISCLAIMER:  FN Media Group LLC (FNM), which owns and operates and, is a third- party publisher and news dissemination service provider, which disseminates electronic information through multiple online media channels.  FNM is NOT affiliated in any manner with any company mentioned herein.  FNM and its affiliated companies are a news dissemination solutions provider and are NOT a registered broker/dealer/analyst/adviser, holds no investment licenses and may NOT sell, offer to sell or offer to buy any security.  FNM’s market updates, news alerts and corporate profiles are NOT a solicitation or recommendation to buy, sell or hold securities.  The material in this release is intended to be strictly informational and is NEVER to be construed or interpreted as research material.  All readers are strongly urged to perform research and due diligence on their own and consult a licensed financial professional before considering any level of investing in stocks.  All material included herein is republished content and details which were previously disseminated by the companies mentioned in this release.  FNM is not liable for any investment decisions by its readers or subscribers.  Investors are cautioned that they may lose all or a portion of their investment when investing in stocks.  For current services performed FNM was compensated twenty five hundred dollars for news coverage of current press release issued by Mawson Infrastructure Group Inc by a non-affiliated third party.




This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. “Forward-looking statements” describe future expectations, plans, results, or strategies and are generally preceded by words such as “may”, “future”, “plan” or “planned”, “will” or “should”, “expected,” “anticipates”, “draft”, “eventually” or “projected”. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company’s annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and FNM undertakes no obligation to update such statements.


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