Accumulation of Bitcoins by miners: why does this happen?

Date: 2024-04-23 Author: Gabriel Deangelo Categories: IN WORLD
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Analysts from CryptoQuant have discovered interesting trends in the activities of large mining companies such as Marathon Digital and Riot Platform. Despite the halving, which reduced the profitability of Bitcoin mining, these companies continue to actively increase their cryptocurrency reserves. This caused surprise in the expert community, which expected that miners would begin to sell their assets to compensate for the decrease in profitability.

According to Bloomberg, miners' losses after the halving are estimated at $10 billion. However, instead of selling bitcoins, Marathon Digital and Riot Platform are increasing their reserves. Marathon Digital, the largest US miner, has increased its holdings to around 16,000 bitcoins over the past two years, while Riot Platform's holdings have reached 8,000 bitcoins.

Why do miners continue to accumulate bitcoins despite the decrease in mining profitability? One possible answer lies in the market's outlook and understanding its long-term potential. CryptoQuant analysts believe that miners are aware that the current price of Bitcoin already takes into account possible selling pressure from miners. This could be positive for the market, especially given the easing of geopolitical tensions in the Middle East.

Interestingly, before halving there is usually an increase in sales of bitcoins by miners who seek to lock in profits before the block reward decreases. However, miners' average daily volume of Bitcoin sales has dropped significantly over the past month, which may indicate that they are expecting higher prices in the future.

In addition, there is a record influx of bitcoins into the wallets of long-term investors, which also indicates increased interest in cryptocurrency. This fact reinforces the idea that miners see Bitcoin not only as a means to make short-term profits, but also as a long-term store of value.

Thus, the accumulation of Bitcoin by miners may indicate that they believe in the long-term prospects of the cryptocurrency and expect its growth in the future.
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