Bitcoin Miners Gained 14,000 BTC Since February
In a September 20 Week on Chain report, Glassnode reported that over the past nearly seven months Bitcoin miners have accumulated 14,000 BTC worth of roughly $600 million in wallets.
In addition, in the bull markets of 2020 and 2021, miners retained more of their rewards than in the previous market cycles.
The hash rate of the Bitcoin network has also recovered. The network’s hash power has recovered 52% from 137 Exahashes before the tag, according to the 7-day moving average. The hash rate recovery indicates that most of the mining operations have now been moved and started again.
However, the Bitcoin hash rate is currently 34% below the all-time high of 184 Exahashes since May.
Despite the rise in Treasury bonds and the recovery in hash rates, the shares of publicly-traded mining companies declined.
Riot Blockchain’s shares have dropped 2.4% since the start of trading on September 20. And shares in Marathon and Hive Blockchain have dropped 1.5% since Monday morning, while Hut 8 has dropped 5.4% in the same period.