Bitcoin Miners Enjoy Respite: BTC Holdings Drop 12.1% YoY

• Bitcoin miners are in a better financial position in 2023 compared to 2022.
• BTC holdings of miners have dropped 12.1% YoY, with Hut 8, Marathon, and Riot holding 87% of the total coins.
• Miners have seen their shares rise by over 100% on the YTD metric as profitability is returning to the mining industry.

Bitcoin Miners Experience Respite After Struggling in 2022

Glassnode data analyzed by CryptoSlate shows that Bitcoin miners are beginning to enjoy some respite in the current year after struggling in 2022. As of Jan. 2022, Bitcoin miners held 36,003 BTC, but this has dropped 12.1% YoY due to Core Scientific and Bitfarms struggling last year. However, the landscape appears to be changing now as Hut 8, Marathon and Riot hold 87% — 27,760 BTC — of the total coins held by miners.

Miners Selling Their BTC at Low Levels Compared To Previous Years

CryptoSlate’s analysis showed that miners appear to be in a healthier position compared to the previous year due to BTC’s price rising by around 50%. This has resulted in an increase of hash rate which hit an all-time high of 300 TH/s recently and mining is currently cheaper according to Glassnode’s Difficulty Regression Model metric. Additionally, several miner’s shares have risen by three figures on the YTD metric such as Hut8, Riot and Iris among others.

Mining Firms Having Trouble Last Year

Core Scientific filed for bankruptcy while Bitfarms dealt with debt obligations last year which caused them both to lose market share amongst other miners like Hut 8, Marathon and Riot who were able to make up most of their losses this year despite overall losses still being experienced across the board when looking at total miner holdings..

Profits Returning To The Mining Industry In 2023

Due to Bitcoin’s price rallying back above $25K for the first time since August 2022 earlier this month profits are beginning return into mining operations which saw multiple firms‘ shares rising significantly from where they were during January 2021 when many were struggling heavily financially due lack market demand for their services or products .


Data from Glassnode analyzed by CryptoSlate shows that public bitcoin miners are beginning enjoy some respite this year despite experiencing difficulties during 2021 when Core Scientific filed for bankruptcy along with Bitfarms dealing debt obligations causing significant drops across board terms miner’s holdings overall however recent price increases have allowed them take advantage new opportunities come up within industry allowing regain some what lost profits while also seeing major increases company share prices YTD basis proving there still profit potential future if done correctly properly managed operations