- Bitcoin miners had a total of 1.91 million BTC in their wallets.
- The analytics firm’s miner reserve is the total amount of Bitcoin kept in wallets.
IntoTheBlock, a blockchain analytics company, reports that the quantity of Bitcoin kept in reserve by mining businesses has dropped to levels not seen since February 2010. That’s been the case for most of 2022 as well.
According to IntoTheBlock, Bitcoin miners had a total of 1.91 million BTC in their wallets as of Wednesday afternoon. The number of Bitcoins held by miners has been over 2 million for just 46 days from the beginning of 2022. This milestone was first reached on February 19, 2010. This is a reflection of the effect of miners selling Bitcoin throughout the year. With some selling more in a single month than they mined. To make up for earnings that have plummeted as the price has declined.
Mining Firms Struggle Continues
To keep tabs on the holdings of miners, IntoTheBlock employs a machine-learning algorithm. To find the addresses of wallets associated with miners and mining pools, as well as wallets unrelated to miners or mining pools that amass Bitcoin but do not mine it. The analytics firm’s miner reserve is the total amount of Bitcoin kept in wallets.
It’s a sign of how bad things have been for the sector that reserves have consistently been below the 2 million BTC barrier this year. This year’s suffering has been more dragged out. Companies like CleanSpark and Argo have borrowed millions on their mining equipment continue to lose money every month.
Within the last month alone, bankruptcy filings were made by Compute North, Iris Energy, and Compass Mining, while operations were shut down in Georgia by Poolin, a major Bitcoin mining pool.
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