11 Apr 2022
Which public miners produced the most bitcoin in March?The largest bitcoin miners produce enormous amounts of bitcoin every month. Who produces the most?
Source: March production updates (Core Scientific, Riot, Marathon, Bitfarms, Hut 8)
Publicly-traded mining companies control 19% of Bitcoin's hashrate. Such a high hashrate share means that these companies produce enormous amounts of bitcoin every month.Core Scientific produced 1,143 bitcoin in March, worth $48 million. Fast-growing Riot is the second-largest producer with a production of 511 bitcoin. Marathon's 436 bitcoin gives them third place.The bitcoin mining industry is becoming increasingly transparent. Most public mining companies publish monthly operation updates, letting us keep track of their monthly bitcoin production and hashrate expansion.Looking at how many bitcoin a miner produces each month is the surest way of assessing how much value they are creating as a company. You can also look at the hashrate, but it's merely the potential to produce bitcoin, and for different reasons, some miners are more productive than others, mining more bitcoin per unit of hashrate.Like all companies, miners are valued based on discounted future cash flows. Therefore, mining investors are not only looking at the current operating hashrate but also the future hashrate of a miner. Investors often overestimate the future hashrate potential of mining companies and should pay more attention to the purest but most underutilized signal in the mining industry - the actual bitcoin production.