According to on-chain analytics provider Glassnode, Bitcoin miners are accumulating as the network hash rate continues to recover.
On its September 20 Chain last week report, Glassnode said that the miner’s BTC balance is increasing, and the miner-related wallet has stored 14,000 BTC in the past six and a half months, valued at approximately $600 million.
The report also pointed out that in the bull market in 2020 and 2021, miners retained more returns than in previous market cycles. Miners usually sell BTC to pay for their expenses, including electricity bills and hardware.
As the hash rate of the Bitcoin network recovered in the last quarter, the trend of miners accumulation continues.
In about a Wholesale Chinese miners outflow, Glasnnode reported that, according to Glassnode data, in late June, Bitcoin’s hashing power dropped by 51% to a local low of 90 Exahashes.
According to the 7-day moving average, the network hashing power has recovered 52% from 137 Exahashes. Hash rate recovery indicates that most mining operations have now been repositioned and restarted and running.
However, the Bitcoin hash rate is currently 34% lower than the all-time high of 184 Exahashes set in May.
Despite the recovery of mining treasury bonds and hash rate, as the broader financial markets have fallen, the stocks of listed mining companies have fallen Worried that China’s real estate giant Evergrande may soon default on loans.
Riot blockchain has been investing heavily Build a new data center in Texas Since trading began on September 20, the company has expanded its hashing capabilities this year, and its stock price has fallen 2.4%.
Since Monday morning, rivals Marathon and Hive Blockchain have both fallen 1.5%, while Hut 8 stock’s share price has fallen 5.4% over the same period-ending the performance of North America’s “big four” mining companies.
However, so far, mining stocks have outperformed Bitcoin this week. According to reports, at the time of writing, BTC has fallen by more than 10%, trading at $42,730. Coin Tiger.