Bitcoin Mining firms have sold more than 15,000 BTC since last October, marking a shift in the industry’s coin-holding strategy
Svmuu News: Listed mining company Bitcoin has sold over 15,000 BTC since last October, marking a shift in the industry away from the hoarding strategy that prevailed during the previous bull market cycle. Last October marked the market peak, and the subsequent sharp correction triggered industry-wide deleveraging.Data from Miner Weekly, a publication under TheEnergyMag, shows that several major mining firms participated in this round of selling: Cango sold 4,451 BTC in February, accounting for approximately 60% of its reserves;Bitdeer reportedly liquidated its entire Bitcoin reserve last month; Riot Platforms executed multiple BTC sales in December;Core Scientific plans to sell approximately 2,500 BTC in the first quarter of this year. MARA Holdings, the largest publicly traded mining company, drew attention this week due to updated regulatory filings, which indicated it may simultaneously buy and sell Bitcoin to maintain flexibility. MARA Vice President Robert Samuels clarified that while the filing allows for flexible sales, it does not imply a large-scale liquidation.MARA currently holds over 53,000 BTC, making it the second-largest publicly traded holder of Bitcoin, trailing only Strategy. Industry profit margins continue to narrow, with some observers calling this the most severe period of profit squeeze in mining history. CleanSpark has fully repaid its Bitcoin secured credit facility to reduce financial risk.
Source:Odaily · Source Link
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