Bitcoin Miners' Holdings Hit Three-Year Low Amid Price Surge
CryptoNewsTerminal Staff08 Aug, 2024
Bitcoin Miners' Holdings Hit Three-Year Low Amid Price Surge
## Bitcoin Miners' Holdings Hit Three-Year Low Data from crypto research firm Kaiko shows that Bitcoin miners' BTC holdings have hit a three-year low. As of March 3, miners held a combined 1.51 million BTC, down 2.4% since December 2020. The decline in miners' holdings is likely due to the rising price of Bitcoin. Miners typically sell their BTC to cover operating costs, and the recent surge in Bitcoin's price has made it more profitable for them to do so. Despite the overall decline in miners' holdings, publicly traded miners in the U.S. have increased their holdings by 60% since January last year. These miners now hold around 54,000 BTC.
