Miners amass $600m worth of Bitcoin since February
22 Sep 2021
The number of Bitcoin miners are accumulating as the network hash rate recovers, says on-chain analytics provider Glassnode.
Within its ‘Week on Chain’ report, Glassnode said mined Bitcoin balances are on the rise, with miners amassing 14,000 Bitcoin worth around $600 million over the past six and a half months.
In addition, the report stated the 2020 and 2021 bull markets have seen miners hold on to more of their rewards than past cycles, Cointelegraph reports.
Over the last quarter, the min1er accumulation trend continued as the Bitcoin network’s hash rate recovered.
Glassnode reported that Bitcoin’s hashing power plunged 51% to a local low of 90 Exahashes at the end of June, amid rumours of a wholesale Chinese miner exodus. Since then, network hashing power has rallied 52% to reach 137 Exahashes according to a seven-day moving average. Hash rate recovery signals the majority of mining operations have relocated and are once again in operation.
That said, the Bitcoin hash rate is 34% down from its record high of 184 Exahashes recorded back in May.
Furthermore, despite the increasing mining treasuries and hash rate recovery, shares in publicly traded mining companies have fallen as the wider financial markets retrace amid concerns Chinese property developer Evergrande could soon default.
So far this week, mining stocks have outdone Bitcoin, with the world’s largest cryptocurrency down more than 10% trading at $42,730 at the time of writing, as per data from CoinGecko. Ethereum, the second largest cryptocurrency was trading at $3,078, down 1.4% over the last 24 hours, whereas Cardano hit $2.14, rising 1.2% in 24 hours.