The repeating FRB 20201124A was first discovered by CHIME/FRB in November of 2020, after which it was seen to repeat a few times over several months. It entered a period of high activity in April of 2021, at which time several observatories recorded tens to hundreds more bursts from the source. These follow-up observations enabled precise localization and host-galaxy identification. In this paper, we report on the CHIME/FRB-detected bursts from FRB 20201124A, including their best-fit morphologies, fluences, and arrival times. The large exposure time of the CHIME/FRB telescope toward the location of this source allows us to constrain its rates of activity. We analyze the repetition rates over different spans of time, constraining the rate prior to discovery to< 3.4 day− 1 (at 3σ), and demonstrate a significant change in the event rate following initial detection. Lastly, we perform a maximum-likelihood estimation of a power-law luminosity function, finding a best-fit index α=− 4.6±1.3±0.6, with a break at a fluence threshold of