Mining pools hold at least 1.8 million BTC, according to CoinMetrics. Miners and pools account for just 13% of the total bitcoin supply.
Bitcoin (BTC) miners are holding their coins and the unspent supply is around 500 BTC away from reaching a new all-time high. This information got highlighted by the blockchain analysis firm Glassnode, which explained that at least 1.2 million BTC are in the hands of miners at the close of the first half of December, in a clear hodler sentiment that gets now extrapolated to those who keep the web alive.
This information brings many possibilities to get closer to a new ATH, which got reached in late 2020 when miners had an unspent supply of 1.77 million BTC.
The analysis explained that BTCs have never gone through a spent on-chain, and instead, miners started holding significantly more BTC since March 2020. The miners’ behavior can get compared with that of mining pools, which, although they crumbled down historically, have at least 1.8 million equal and static BTC in their portfolios, as highlighted by the mining company Braiins.
According to the CoinMetrics study, the miners hold figures that might surpass 850 thousand bitcoins. The curious thing is that both pools and miners have shared a holder impulse this year, even though the latter experienced scenes of great sales, caused, in large part, by the antagonist position of China regarding the activity.
According to several reports, Miners and pools concentrate at least 13% of the total supply of bitcoin, of which 90% marks the already mined ones.
Bullish Cycle
A reading of the holder performance of miners and pools means that there would be an imminent upward cycle because, at the same time that this situation happens with the miners, the offer remains low in many exchanges. In the same way, it makes it infer that miners prefer to request loans in BTC rather than sell them, a practice that has occurred for two years, which has gained relevance during 2021.
It is noteworthy that, in general, BTC miners get forced to sell their profits due to the need for fiat money, an essential asset to maintain their operations. However, holding BTC became an essential part of this activity. At least nine mining companies shared part of their strategies to request loans, precisely to manage bitcoin.
According to a report revealed byThe Block, this strategy of storing or hiding bitcoin also got adopted by publicly traded mining firms like Marathon, Riot, Bitfarms, Hut8, Greenidge, Argo, HIVE, Cleanspark, and BIT Digital.
On the other hand, Bitcoin gains more and more prominence as a store of value than all those who are part of the ecosystem. Having miners as part of the prevailing sentiment, above all, when there are corrections in price, would be the final boost for this cryptocurrency to reach unimaginable levels.
By: Jenson Nuñez
