The event rate, energy distribution, and time-domain behaviour of repeating fast radio bursts (FRBs) contains essential information regarding their physical nature and central engine, which are as yet unknown. As the first precisely-localized source, FRB 121102 has been extensively observed and shows non-Poisson clustering of bursts over time and a power-law energy distribution. However, the extent of the energy distribution towards the fainter end was not known. Here we report the detection of 1652 independent bursts with a peak burst rate of 122~hr^{-1}, in 59.5 hours spanning 47 days. A peak in the isotropic equivalent energy distribution is found to be ~4.8 x 10^{37} erg at 1.25~GHz, below which the detection of bursts is suppressed. The burst energy distribution is bimodal, and well characterized by a combination of a log-normal function and a generalized Cauchy function. The large number of bursts in hour-long spans allow sensitive periodicity searches between 1 ms and 1000 s. The non-detection of any periodicity or quasi-periodicity poses challenges for models involving a single rotating compact object. The high burst rate also implies that FRBs must be generated with a high radiative efficiency, disfavoring emission mechanisms with large energy requirements or contrived triggering conditions.
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