 US-Listed Crypto Miners Doubled Their BTC Holdings in a Year
In 2024, Bitcoin mining companies increased their Bitcoin holdings, showing a tendency to prefer retaining their coins rather than selling.
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Data shows that over the years, U.S.-based cryptocurrency miners doubled their reserves to nearly 100,000 BTC in December 2024. They also raised more than $3.7 billion from investors since November, aiming to purchase more Bitcoins.
According to data provider Bitbo, the top mining companies by their Bitcoin holdings include Marathon Digital Holdings (40,435 Bitcoins), Riot Platforms (16,728 Bitcoins), and CleanSpark (10,097 Bitcoins).
The growth is attributed to a mix of favorable market conditions and strategic decision-making. Lower Bitcoin prices in early 2024, combined with more efficient mining equipment and energy deals, enabled miners to maximize their profitability. Furthermore, the recovery of Bitcoin prices in late 2024 enhanced the value of accumulated reserves.
Holding substantial Bitcoin reserves provides miners with strategic flexibility. By holding instead of selling mined BTC, these companies are positioning themselves to benefit from potential future price surges.
This “HODL” strategy has not only increased their balance sheet strength but also instilled greater confidence among investors, as evidenced by rising stock valuations for major players in the sector.
Despite this impressive growth, challenges remain. Rising global hash rates, driven by competition from international miners, continue to put pressure on U.S.-based firms. Additionally, the upcoming Bitcoin halving in 2024 will reduce mining rewards, potentially tightening margins. Miners will need to further optimize operations and diversify revenue streams to sustain their momentum.
At the time of writing, Bitcoin trades at around $102,000 with a market cap of over $2 trillion. In the last seven days, the coin was up by 7.85% in anticipation of Donald Trump’s inauguration on January 20.
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