Miners have accumulated $600M worth of Bitcoin since Feb


Bitcoin miners are piling up Bitcoin (BTC) as the network's hash rate continues to bounce, according to on-chain analytics provider Glassnode.

In its Week on Chain report of September 20, Glassnode said that miners' BTC balances are on the rise, with wallets associated with miners accumulating 14,000 BTC (worth around $ 600 million) over the past six and a half months. 

The report also noted that the bull markets of 2020 and 2021 saw miners retain a larger share of their rewards than in previous market cycles. Miners often sell BTC to cover their expenses, including electricity and hardware bills. The trend of mining accumulation continued as the Bitcoin network hash rate rebounded in the last quarter.

Amid speculation about an exodus of Chinese wholesale miners, Glasnnode reported that Bitcoin's hash power had plummeted 51% to a low of 90 exah at the end of June.
The network's hashing power recovered 52% from 137 exahashs based on a seven-day moving average. The recovery of the hash rate indicates that most of the mining operations have now moved and are operational again.

However, Bitcoin's hash rate is currently 34% below its all-time high of 184 exah since May. Despite the expansion of mining treasuries and hash rate recovery, shares of publicly traded mining companies have retreated as financial markets generally retreat amid fears that Chinese real estate giant Evergrande may soon default on its loans.

Riot Blockchain, which spent a lot this year building a new data center in Texas and expanding its hashing capacity, suffered a 2.4% drop in its share price since the start of trading on Monday. .
Competitors Marathon and Hive Blockchain have fallen by a modest 1.5% since Monday morning, while Hut 8 shares have fallen by 5.4% over the same period, completing the performance of each of the North American "Big Four" mining companies. 

However, mining stocks have so far outperformed Bitcoin for the week, with BTC down more than 10% to trade at $ 42,730 at the time of writing, according to CoinGecko.
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