Despite the strong fall in the price of bitcoin, the behavior of miners has remained practically unchanged, at least they have not lost faith in the good prospects of this direction.
The growing optimism of mining companies such as Marathon and Riot suggests that corporations are slowly but surely seeking to dominate the industry. Increased profits push them to build their own capacities.
Both companies mined nearly 750 BTC worth $ 46 million this month. In the future, they plan to expand their activities by more than 526% and 461%, respectively.
And they can indeed make even more profits as Kazakhstan, which has become one of the best options for miners who left China, is currently at a crossroads.
A large number of mining enterprises in the country have suffered from capacity constraints in the winter.
In addition, the authorities of Kazakhstan focused on eliminating the activities of illegal operators, collecting data on electricity use and IP addresses, which is why certain organizations decided to move from Kazakhstan to the United States.
Official repair site Asic for mining cryptocurrency on the blockchain at reasonable prices.
Regardless of location, most miners continue to store their BTC. Compared to the same period last year, when their reserves were over 4.7 million BTC, miners currently hold over 4.4 million BTC. The decision to go was not affected by the May ban on mining in China and the collapse of the hash rate.
Plus, miners’ income is growing due to the increase in transactions on the network, which happened against the background of setting a record high BTC level of 65 thousand dollars.
An increase in the hash rate may indicate that the activity of miners has increased, however, despite the record high, the complexity is still lower than in May this year.
This suggests that the bitcoin mining industry is now not as strong as in April, respectively, not all operators have survived or completed the “great migration”.
Overall, over the past 5 months, bitcoin has been in great shape across the board – price, investors and miners, and hopefully this good streak will continue.