Bitcoin Miners Rebound: BTC Holdings Drop 12.1%, Shares Soar 100% YTD

• Data from Glassnode shows that Bitcoin miners are in better financial health compared to the previous year despite a 12.1% drop in BTC holdings.
• Miner’s shares have significantly increased on the year-to-date metric, and they appear to be selling their BTC at extremely low levels.
• The Bitcoin hash rate has hit a new all-time high of 300 TH/s, indicating the network’s strength and consistency while mining BTC is currently cheaper.

Public Bitcoin Miners in Better Financial Health

Glassnode data analyzed by CryptoSlate shows that Bitcoin miners are beginning to enjoy some respite in the current year after struggling in 2022.

Miners‘ BTC Holdings Decline 12.1% YoY

As of Jan. 2022, Bitcoin miners held 36,003 BTC, with major mining firms like Core Scientific, Riot, Hut8, Marathon and Bitfarms holding over 30,000 coins.

However, the landscape appears to have changed in the current year as Hut 8, Marathon and Riot are now the dominant miners holding 87%, or 27,760 BTC of miner’s holdings.

Bitfarms and Core Scientific fell off as they struggled financially during 2022 — with Core Scientific filing for bankruptcy while Bitfarms dealing with debt obligations.

Miners Selling Their BTC at Extremely Low Levels

CryptoSlate’s analysis showed that miners appear to be in a healthier position compared to the previous year.

According to Glassnode’s data as analyzed by CryptoSlate, miners are selling their BTC to exchanges at extremely low levels compared to previous years due to higher profitability as a result of an increase in price.

Bitcoin Hash Rate Hits New All-Time High

The Bitcoin hash rate rose 34% on the year-on-year metric and hit a new all-time high of 300 TH/s — indicating its current strength and consistency.

Mining BTC Cheaper Than Before

The Difficulty Regression Model shows that it is currently more profitable for miners than before — making mining Bitcoin cheaper overall.