07 Mar 2022
Some bitcoin miners are more efficient than othersWe see significant efficiency differences between the largest publicly traded bitcoin mining companies, as some seem to better utilize their bitcoin mining capacity than others.
Source: Production updates (Core Scientific, Riot, Marathon, Bitfarms and Hut 8)
The largest bitcoin miners just released their February production updates, letting us calculate their production volumes in 2022.Core Scientific is by far the biggest bitcoin miner by production volume, mining 2058 bitcoin so far in 2022.In second and third place, we find Riot and Marathon, with production volumes of 894 and 822 bitcoin. Bitfarms and Hut 8 claim fourth and fifth place, producing 599 and 597 bitcoin.To attract investors, bitcoin miners like to boast their hashrate, the capacity to mine bitcoin. Therefore, to find out how efficiently miners utilize their claimed hashrate, it's helpful to calculate how many bitcoin they mine per unit of hashrate (EH/s).Core Scientific is also the leader in terms of the most bitcoin mined per EH/s, with 132 bitcoin. Closely behind follows Bitfarms with 130 BTC per EH/s. Marathon is the least efficient of the top 5 miners, with 112 BTC mined per EH/s in 2022.There can be several reasons why some miners utilize their hashrate more efficiently than others, downtime being one of them. Also, long-term efficiency discrepancies between miners let us recognize which miners tend to chronically overestimate their production capacities.