The battle for $50k continues as Bitcoin [BTC] takes a breather from making any significant moves. For miners, on the other hand, it has been an interesting year. From Bitcoin’s abrupt sell-off to the Chinese exodus, BTC miners have been on the receiving end of significant changes this year.
According to the latest stats, miners are not just HODling but have finally managed to strengthen their position in the market despite a series of market damaging corrections, rallies, and consolidations. As a result, the profits have increased for the first time since the migration of Chinese miners to different parts of the world. The blockchain intelligence firm, Glassnode stated that Bitcoin miner balances are increasing once again.
Additionally, Miner Unspent Supply, in other words, the balance held in miner wallets, has increased by 13K BTC since January. Besides, the small spend of 1,360 BTC in late August has had no significant effect on the overall trend. This comes at a time when all the crypto exchanges have reduced their BTC reserves to the lowest point since September 2018.
Its tweet regarding the same read,
“Bitcoin miners have been in accumulation mode over the last 6 months, with the unspent supply climbing by 13,000 $BTC since January. After a small spend of ~1,360 $BTC in late August, it appears miner balances are increasing once again.”
Bitcoin [BTC] hash rate aims for pre-June levels
The rising hash rate is a further testament to the increasing optimism among the Bitcoin miners and fortifying their footing in the market. After hitting an ATH of almost 200 exa hash/sec, the BTC hash rate slid below 70 exa hash/sec briefly. Due to Chinese restrictions, miners had found themselves in a dicey situation. However, the figures recovered in tandem with the price action.
According to the data compiled by BitInfoCharts, the hash rate was hovering close to June levels near $155 exa hash/sec. At the current recovery rate, it may seem that the hash rate could surpass its all-time high by the year-end. However, the migration has been slower than expected, which could impede the growth trajectory.