Bitcoin’s On-Chain Volume increased by 317% reaching $4.2 Trillion in 2021

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Bitcoin’s dominance has declined from 70% to 43% at the time of writing this post – with a temporary low of 40% in May. The decline in dominance is contributed by the growth of layer 1 protocols like Solana and others.

However Bitcoin’s on-chain volume increased by 317% year-on-year (from $1 trillion in 2020 to $4.2 trillion in 2021 whereas Ethereum’s on-chain volume increased by 729% year-on-year (from $403 billion to $3.3 trillion).

China Xiangtai Food (the “Company” or the “PLIN”), an emerging growth company engaged in agricultural business today announced that the Company, through its U.S. subsidiary SonicHash LLC, has entered into a purchase agreement with a global Bitcoin mining hardware company to purchase 686 spot Bitcoin miners that are worth US$6 million. The top-tier newly manufactured miner with a hash rate of 92 TH/s are expected to ramp up the hash rate of the Company’s miner fleet by over 63,000 TH/s.

The newly purchased miners deliveries are expected to be in 2 to 3 weeks to the Company’s mining facility in Carthage NY by end of January 2022 adding up the companies mining capacity to 1428 Bitcoin miners, producing approximately 132.2 PH/s once all miners are in full operation.

On a different note HUT 8 Mining Corp. one of North America’s digital asset mining pioneers have the following corporate update.

Mining Production Highlights for December 2021 Were: 276 Bitcoin were mined, resulting in an average production rate of 8.9 Bitcoin per day; 100% of the self-mined Bitcoin for the month of December were deposited into custody, consistent with Hut 8’s Hodl strategy; Total Bitcoin balance held in reserve is 5,518 as of December 31, 2021, a 97% increase from the prior year-end; and Installed operating capacity currently sits at 2.0 EH/s, a 125% increase in hashrate from December 31, 2020.

Different cases of increases in Bitcoin mining capacity have been notified by many companies who are into mining businesses like Canaan Inc, Marathon Digital Holdings & HIVE Blockchain Technologies Ltd. also.

 

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