Bitcoin miners are accumulating bitcoin (BTC) as network hashrate continues to recover, according to network analytics provider, Glassnode.
In the 20th week of the chain’s report, Glassnode stated that BTC miners have been slobbering, with 14,000 BTC mined wallets (worth about $600 million) over the past six-and-a-half months accumulating.
The report also notes that in the beef markets in 2020 and 2021, miners held more of their bonus than in previous market cycles. Miners usually sell bitcoin to make ends meet, including electricity and equipment bills.
Bitcoin miners’ rich offering: Glassnode
The mining trend of miners continued when the bitcoin network’s hash rate recovered in the last quarter.
Amid rumors of a mass exodus of Chinese miners, Glasnnode reported that Bitcoin’s hash power fell by 51% to 90 eksahash at the end of June.
According to the 7-day moving average, the hash power of the network regained 52% after 137 eksaheshes. The recovery in cannabis speed indicates that most mining operations have now been relocated and restarted.
However, the bitcoin hash rate is currently 34% below its all-time high of a shaky 184 since May.
Related: Four North American Bitcoin Miners Can Benefit from East-West Shift
Despite increasing state mining coffers and soaring cannabis prices, shares of listed mining companies tumbled as broader financial markets rebounded amid concerns that Chinese real estate giant Evergrande will soon default on its loans.
Riot Blockchain, which has spent a significant amount of money this year building a new data center in Texas and expanding its cannabis powerhouse, has fallen 2.4% since trading began Monday.
Rivals Marathon and Hive Blockchain are down 1.5% more modestly since Monday morning, while Hut 8 shares are down 5.4% in the same period, rounding off the results of each of the Big Four North American miners. …
However, mining stocks have outstripped bitcoin in a week at this point, according to CoinGecko, with BTC down more than 10% to $42,730 at the time of writing.