Miner Weekly: Miners Shoot for 100k BTC in Record Bitcoin Hodl
This article first appeared in Miner Weekly, BlocksBridge Consulting’s weekly newsletter curating the latest news in bitcoin mining and data analysis from TheEnergyMag. Subscribe to receive in your inbox once a week.
Throughout 2024, institutions in North America have not only expanded their combined market share in Bitcoin production as detailed before but also pushed their aggregate Bitcoin reserves to an all-time high.
Data shows that public mining companies collectively held over 92,000 BTC on their balance sheets as of December—marking a record level. This figure has more than doubled from just over 39,000 BTC in December 2023. Part of this increase came from market purchases by MARA, Riot, and Hut 8 (NASDAQ: HUT), following a strategy similar to MicroStrategy’s.
Currently, four mining institutions hold more than 10,000 BTC each—MARA, Riot, Hut 8 and CleanSpark—with CleanSpark recently crossing that threshold.
Ionic Digital, which is planning to go public, reported that its Bitcoin holdings had grown to 2,461 BTC. This brings the total institutional miner Bitcoin holdings to just under 95,000 BTC. Based on their current production rates and liquidation ratios, it is likely that their collective holdings will surpass 100,000 BTC in the coming months.
In hindsight, the total Bitcoin holdings of public mining companies have served as a lagging indicator of broader market trends.
During the 2021 bull market cycle, public miners held record reserves of over 46,000 BTC in May 2022—a few months after the market’s peak in December 2021 and just before the Luna collapse in June 2022.
The Luna collapse triggered months of collective liquidations, driving their holdings to a low of less than 30,000 BTC in March 2023—a few months after the market bottomed out in December 2022.
For historical data before 2024 and more datasets not currently visualized on TheEnergyMag’s dashboard, feel free to reach out for API access.
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