Bitcoin

April

April 11, 2024, marks a pivotal moment for public Bitcoin mining companies as they collectively hold over 46.2k BTC, reaching a reserve level unseen since before the June 2022 market downturn. This resurgence in Bitcoin reserves signals a strong HODLing trend among these miners, with the top three hodlers now controlling a staggering 74% of the industry's total reserves, according to <a href="https://theminermag.com/news/2024-04-11/public-bitcoin-miner-hodling-strong" rel="noopener noreferrer nofollow">TheMinerMag</a>.
<figure class="wp-block-image"><img src="https://lh7-us.googleusercontent.com/pIh2UucZCztl7qQ7TB9GwyfjTfZnq3mpJqOF_dZHcccQExCUr-whZkjDMsYLSDjls0GOnbDbPwQTO5FVpJJOjX-xd97cA2j3i8PQyluQ3qKivb6TtMTJtcVqZ-hamYV9QQyWQkh3pfUW3d_3oWfxAE4" alt="">
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In the aftermath of the 2021 bull market, many companies were forced to liquidate significant portions of their <a href="https://ultramining.com/news/en/rising-mining-difficulty-squeezes-bitcoin-miners-sparks-accumulation-among-whales/" rel="noopener noreferrer nofollow">Bitcoin holdings</a> due to the prevailing bear market conditions and high financial leverage. However, a select few, notably Marathon, Hut 8, and Riot, have successfully capitalized on this period to significantly increase their Bitcoin reserves. Marathon alone boasts over 17.3k BTC, nearly matching the combined holdings of Hut 8 and Riot.
<figure class="wp-block-image"><img src="https://lh7-us.googleusercontent.com/6gVUninDLWdcILXIL4wZqfiuuZphuLozviz3t63KdNJ37H_VH3TEZj4-vt36UKiBd86B7kILv0PwaUREeJpZ5CDC0lnMCtSn5RgzcDf_3KOqbr8GnL96cYpIN0Ed-Av8CCq0z7Butkq9uRyRvMtrVf4" alt="">
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This consolidation of Bitcoin reserves among the top miners highlights a strategic pivot in the industry, with companies positioning themselves advantageously ahead of the upcoming Bitcoin <a href="https://ultramining.com/news/en/heat-waves-and-halving-bitcoin-miners-cash-in-amid-rising-prices/" rel="noopener noreferrer nofollow">halving</a>. This event, expected to further challenge the accumulation of Bitcoin through mining operations, underscores the strategic importance of current holdings.

Public Bitcoin Miners Ramp Up Reserves as Halving Nears

Ultramining_Eng

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