Summary
- Glassnode data reveals that Bitcoin miners are beginning to enjoy some respite in the current year after struggling in 2022.
- As of Jan. 2022, Bitcoin miners held 36,003 BTC with mining firms like Core Scientific, Riot, Hut8, Marathon and Bitfarms holding over 30,000 coins.
- Mining BTC is currently cheaper as profitability is returning to the mining industry due to BTC’s price rise and hash rate hitting a new all-time high.
Public Bitcoin Miners in Better Financial Health Despite 12.1% YoY Drop in BTC Holdings
Glassnode data analyzed by CryptoSlate shows that Bitcoin miners are beginning to enjoy some respite in the current year after struggling in 2022.
Miners‘ Holdings Drop 12.1% YoY
As of Jan. 2022, Bitcoin miners held 36,003 BTC with mining firms like Core Scientific, Riot, Hut8, Marathon and Bitfarms holding over 30,000 coins. However, these figures have changed since then as Hut 8, Marathon and Riot are now dominant miners with 87% — 27 760 BTC — of the miner’s holdings according to CryptoSlate’s research.
(Note: Bitfarms & Core Scientific dropped off due to bankruptcy & debt obligations)
Bitcoin Distribution from Miners Lower This Year
CryptoSlate analysis showed that there has been less bitcoin distribution from miners this year compared to the previous year. However several miners’ stocks have increased significantly on the YTD metric; such as Hut8 (over 100%), Riot (over 100%), Iris (over 100%) & Marathon (over 100%).
Miners Selling Their Bitcoins at “Extremely Low Levels”
According to Glassnode’s data analyzed by CryptoSlate; miners appear to be in a healthier position this year compared to last year. Miners are selling their bitcoins at extremely low levels compared to previous years due an increase in bitcoin prices and hash rate which hit a new all time high of 300 TH/s.
< h3 >Mining Bitcoin Cheaper Now Than Ever < p >The Difficulty Regression Model used for measuring cost of mining bitcoin suggests it is cheaper now than ever before as profitability returns back into the mining industry thanks for for an increase in bitcoin prices.