Cryptocurrency miners own 10% of all bitcoins

According to the analytical company CryptoQuant, miners own more bitcoins than ever before in the history of cryptocurrencies — the share of BTC in the hands of miners is about 10%.

At the time of writing, BTC miners hold 1,865,272 bitcoins, according to analysts, as cryptocurrency miners have begun to recover from the recent price drop in the market. «Bitcoin miners' reserves have fully recovered from the sell-off that occurred after the surrender in June,» said one of the crypto experts at CryptoQuant.

Back in mid-July, the state of affairs of BTC miners was disappointing. At that time, bitcoin mining capacity fell by 27% — all due to the temporary suspension of cryptocurrency mining in Texas caused by a severe heat wave. BTC’s hashrate dropped to 159.41 exashes per second (EH/s). However, later, the biggest drop in bitcoin mining difficulty in a year was recorded — the level of BTC mining difficulty dropped by 5%, which was the third drop in a row and the largest since 2021 — which could have given impetus to the movement.

In early July, it became known that GPU prices had fallen by 57% since the beginning of the year due to a decline in profits from cryptocurrency mining. Thus, in June alone, the cost of video cards decreased by 14%. It is worth noting that mining directly depends on the value of cryptocurrencies in dollars, as miners pay electricity bills and other current expenses in fiat.