Miners that hodl the most Bitcoin are ‘relentlessly expanding’
Bitcoin (BTC) miners are holding more and more Bitcoin while “relentlessly expanding” their operations in 2022.
A report by Arcane Research indicates that publicly listed Bitcoin miners are “constantly looking for expansion opportunities,” as they “plan to increase hashrate faster than the whole network in 2022.”
44.95% of the global hash rate derives from North American miners, according to the latest figures from the Cambridge Bitcoin electricity consumption index. With the massive projected increases in target hash rate among the publicly traded Bitcoin miners, it‘s “likely to increase.”
Jaran Mellerud, an analyst for Arcane Research, told Cointelegraph that “most publicly listed miners pursue a hodl strategy, doing their best to keep as much they can of their mined Bitcoin.”
Whit Gibbs, the founder and CEO of Compass Mining, explained to Cointelegraph that “public mining companies definitely have an advantage when it comes to hodling Bitcoin because they have access to the capital markets.”
Some of the largest miners hold huge amounts of Bitcoin, Gibbs adds, ”it‘s crazy how much some of them are holding.” As published on BitcoinTreasuries, Bitcoin mining company Marathon hold the third-largest amount of Bitcoin among businesses worldwide, right behind Tesla and MicroStrategy.
Since January 2021, miners’ reserves have been steadily increasing, reflective of their HODL strategy. Gibbs suggests that the publicly traded Bitcoin mining companies are “taking more of a bullish approach to Bitcoin.”
Mellerud also understands that Bitcoin mining stocks are increasingly popular in legacy financial markets. “The demand for Bitcoin investment vehicles is high, particularly in the U.S. since the Bitcoin exchange-traded fund market is
Read more on cointelegraph.com
