From February miners have accrued $600M worth of Bitcoin

Syed AhadWeb Editor

22nd Sep, 2021. 07:46 pm
Bitcoin

As per on-chain analytics provider Glassnode, Bitcoin is accumulated by miners as the network hash rate remains to recover.

In its Sept. 20 Week on Chain report, Glassnode said that miner Bitcoin balances are growing, with wallets related with miners having stored 14,000 BTC (worth roughly $600M) over the past six and a half months.

The report too mentions that the bull market of 2020 and 2021 have realized miners hold onto a greater part of their loots than in prior market cycles.

To cover their expenses miners sell BTC, containing hardware and electric bills.

As the network of BTC hash rate improved this past quarter the trend of miner accumulation continued.

Among speculation concerning a wholesale Chinese miner exodus, Glasnnode reported that BTC’s hashing strength had drooping 51% to a low of 90 exahashes in late June.

As per a seven-day moving average, Network hashing power has improved 52% from 137 exahashes.

Hash rate improvement directs that max mining operations have now moved and are up and running again.

Though, the BTC hash rate is presently sitting 34% below its all-time great of 184 exahashes from May.

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