Bitcoin miners continue to accumulate as the network’s hash rate continues to rise, according to data from on-chain analytics resource Glassnode.
In a Week on the Chain report published on September 20, Glassnode announced that miners’ BTC savings have increased, with wallets associated with miners having accumulated 14,000 BTC worth nearly $ 600 million in the last six months. and a half.
According to the report, in the 2020-2021 bull market, miners accumulated a higher percentage of block rewards compared to previous market cycles. The miner usually sells BTC to cover expenses such as electricity and hardware bills.
The accumulation trend among Bitcoin miners continued as the network’s hash rate improved this quarter.
According to Glassnode, the hash rate of the BTC network fell 51 percent to 90 EH / s at the end of June due to the massive migration of Chinese miners.
Then the hash rate rebounded from 52 percent to 137 EH / s. The improvement in the hash rate reveals that most of the miners have settled in their new direction and are starting to operate again.
Still, Bitcoin’s hash rate is still 34 percent below the record level of 184 EH / s seen in May.
Despite the positive indicators on the chain, the shares of most publicly traded mining companies plummeted along with the financial markets as a whole, as Chinese real estate developer Evergrande feared it might not be able to pay its debts soon.
Riot Blockchain, which is building a new data center in Texas, saw its shares drop 2.4 percent on Sept. 20.
Competitors Marathon and Hive Blockchain lost 1.5 percent at the beginning of the week, while Hut 8 shares fell 5.4 percent in the same period.