
Bitcoin miners are holding a total balance of 2.59 million BTC right now.
That number has dropped by exactly -0.61% since January 1. (One-hop address data from @coinmetrics.)
💎 🤲🏻
— Zack Voell (@zackvoell) June 20, 2022
$102,231.00
5.87%$2,164.63
20.60%$2.29
8.46%$624.30
4.30%$162.05
11.15%$0.999974
-0.00%$0.193971
14.05%$0.753434
14.30%$0.255452
3.01%$2,172.43
21.13%$3.96
21.21%$102,158.00
5.81%$15.75
15.72%$21.72
12.50%$0.287536
11.48%$2,560.11
18.74%$0.00001424
12.99%$420.95
17.65%$0.194708
11.95%$0.643435
11.01%$8.87
1.83%$0.999983
0.00%$3.22
7.47%$23.26
11.13%$93.91
6.31%$4.40
12.72%$2,183.11
21.55%$297.30
6.14%$4.46
6.21%$0.996248
-0.43%$2,294.01
19.70%$102,180.00
5.71%$1.001
0.02%$0.00001108
35.78%$30.40
6.50%$421.68
17.76%$5.75
20.12%$5.40
14.23%$2.67
18.80%$1.051
0.02%$52.83
4.52%$0.968839
13.32%$202.12
19.50%$1.00
0.00%$0.098457
8.12%$18.34
15.16%$5.15
13.97%$21.84
3.66%$32.95
10.34%$0.099522
8.60%$0.752506
6.34%$12.65
17.63%$4.71
14.36%$0.02780506
13.76%$0.252868
17.23%$0.998334
-0.24%$102,170.00
6.64%$0.780222
17.82%$1.17
0.13%$4.50
9.38%$2.89
14.08%$0.329711
24.98%$0.222476
13.97%$4.36
0.53%$0.564464
13.51%$2.76
14.92%$0.359018
18.63%$4.37
6.91%$1.006
0.75%$0.00001958
18.65%$0.975708
12.17%$1.054
16.08%$1,692.61
14.16%$95.30
7.70%$11.10
3.41%$0.475073
13.59%$170.15
11.04%$2,167.50
20.73%$2.00
50.77%$0.0196582
2.83%$0.843464
7.69%$1.27
2.69%$1.22
28.40%$2,245.03
20.02%$0.07597
5.00%$0.228396
16.16%$0.687817
17.28%$101,724.00
5.44%$4.17
10.41%$0.612381
17.24%$0.998629
-0.17%$11.08
17.71%$202,764.00
111.49%$2,460.25
20.84%$0.755406
15.40%$0.101826
13.87%$0.996265
-0.37%$621.62
3.85%$0.00009158
22.42%$0.01416825
32.95%$0.999579
0.01%$209.48
11.29%$0.01749593
15.34%$0.940827
23.52%$14.68
2.01%$179.57
11.32%$102,820.00
6.62%$0.830837
17.47%$2,315.33
21.07%$3,312.53
-1.75%$40.32
11.56%$2.75
15.37%$0.638508
18.31%$103,661.00
7.71%$1.00
-0.00%$3,317.29
-1.72%$100,475.00
5.40%$0.227541
11.45%$0.01752611
17.31%$0.314753
16.88%$0.076134
48.73%$0.750161
6.55%$0.00000074
7.19%$3.99
7.40%$2.22
10.98%$0.12008
11.25%$21.19
21.28%$2,279.15
21.32%$0.687311
25.28%$41.90
5.03%$0.997688
-0.02%$0.407031
11.59%$0.01874631
13.35%$0.998727
-0.01%$0.33079
13.33%$0.592191
11.50%$2,274.54
21.13%$3.72
16.76%$0.740571
23.07%$1.11
1.05%$0.63769
32.28%$1.81
13.35%$0.00973315
19.80%$0.466186
23.67%$0.149846
12.60%$0.0057614
11.12%$110.98
0.01%$102,271.00
5.86%$0.203234
28.16%$0.468778
9.36%$0.999421
-0.01%$0.193614
13.84%$7.50
11.20%$102,647.00
6.45%$0.625661
13.08%$0.997272
-0.27%$0.490815
15.25%$1.37
10.69%$16.90
11.32%$2,179.82
21.45%$0.06566
0.06%$2,322.59
21.52%$2,177.75
21.26%$2,167.99
20.90%$0.999992
-0.00%$0.00002289
9.97%$0.146136
15.67%$97,765.00
3.92%$0.55909
16.78%$3.68
25.09%$6.24
12.65%$0.00836111
17.13%$1.59
8.17%$2,196.60
19.43%$2.65
15.06%$1.72
7.76%$0.00000043
2.83%$0.169216
9.17%$0.082688
15.71%$0.04368281
13.11%$0.0060406
14.28%$1.013
1.28%$2,183.56
21.60%$0.252101
16.79%$0.156224
3.94%$1.086
0.02%$0.089014
15.76%$1.53
22.48%$0.000001
32.54%$43.15
12.78%$0.589251
21.95%$0.400829
11.68%$0.03648678
6.62%$32.98
2.15%$0.180505
6.92%$0.370694
4.22%$0.00427082
6.85%$0.01858303
4.36%$21.64
1.14%$1.00
-0.01%$0.317589
26.98%$1.001
0.01%$0.827153
9.08%$0.344197
18.28%$0.00006325
8.91%$2,155.31
20.98%$0.758533
17.97%$0.572742
29.09%$0.724328
9.96%$1.35
1.12%$101,955.00
5.61%$0.997065
-0.39%$123.45
14.49%$0.999975
-0.05%$0.999949
-0.03%$0.0031292
15.21%$102,108.00
6.44%$2,256.23
18.67%$23.46
11.77%$0.216493
16.02%$1.10
45.22%$2.71
13.28%$21.77
12.38%$0.241917
12.05%$1.099
-0.01%$0.03491689
11.02%$2,383.48
20.93%$0.00000144
-0.18%$2,377.77
21.58%$1.00
-0.00%$23.01
9.35%$3.43
12.97%$3,338.06
-0.96%$0.0031553
19.67%$0.558522
8.39%$2,171.21
20.90%$3.37
21.49%$0.272962
8.33%$16.47
14.20%$23.46
11.79%$2,341.37
20.99%$0.00358308
18.44%$2,056.68
5.88%$0.03781933
8.75%$2.77
3.48%$2,170.13
22.00%$0.01325174
11.85%$1.58
3.29%Reading
It must be a bear market if Bitcoin miningmining companies, usually the ultimate HODLersHODLers, have started selling their stashes.
Publicly traded BitcoinBitcoin miners, like Marathon Digital and Riot Blockchain, sold more Bitcoin than they produced last month, a big step up from the first four months of the year when they sold only about 30% of what they produced, according to a new report from Arcane Research.
"If they are forced to liquidate a considerable share of these holdings, it could contribute to pushing the Bitcoin price further down," Jaran Mellerud, an Arcane Research Bitcoin mining analyst, wrote in a report.
Yesterday, Toronto-based Bitfarms sold 3,000 Bitcoin—almost half its supply—to reduce debt. The plan going forward will be to no longer HODL all of its daily Bitcoin production, Jeff Lucas, Bitfarms chief financial officer, said in a press release.
"While we remain bullish on long-term BTC price appreciation," he said, "this strategic change enables us to focus on our top priorities of maintaining our world-class mining operations and continuing to grow our business in anticipation of improved mining economics."
As far as public companies go, miners have accumulated a lot of Bitcoin. In fact, seven of the 10 largest Bitcoin treasuries belong to miners, according to Bitcoin Treasuries. They include Core Scientific (CORZ) has 8,497 BTC; Marathon Digital Holdings (MARA) has 8,133 BTC; Hut 8 Mining (HUT) has 7,078 BTC; Riot Blockchain (RIOT) has 6,536 BTC; Hive Blockchain (HIVE) has 4,032 BTC; Bitfarms (BITF) has 3,075 BTC; and Argo Blockchain (ARBK) has 2,317 BTC.
Still, it's worth noting that publicly traded miners account for only 20% of the hash ratehash rate on the 206 million Terrahash per second (TH/s) Bitcoin network.
When taken as a whole, Bitcoin miners look to be holding onto their Bitcoin, and their supply has barely chanced since January, Zack Voell, an analyst at Bitcoin mining software company Braiins, said on Twitter.
Bitcoin miners are holding a total balance of 2.59 million BTC right now.
That number has dropped by exactly -0.61% since January 1. (One-hop address data from @coinmetrics.)
💎 🤲🏻
— Zack Voell (@zackvoell) June 20, 2022
The network's hash rate is an aggregate measure of how much computer power is being used to mine Bitcoin. Each single hash represents a computer generating a new number to "guess" a cryptographic string. Whichever miner, or pool of miners, correctly guesses it wins the right to verify a block of transactions and add it to the blockchain.
When that happens, miners earn rewards and transactions fees. But mining has become increasingly less profitable as markets continue to lag.
Miner revenue has struggled to stay above $20 million per block since the start of the month. Per block revenue started the year at about $50 million, had dropped just below $40 million at the start of May, and sunk as low as $16 million last week, according to Blockchain.com, during the panic over distressed hedge fund Three Arrows Capital and crypto lender Celsius.
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