According to Glassnode, Bitcoin miners are increasing as the network hashrate continues to recover.
Glassnode’s Sept. 20 Week on Chain Report stated that miner BTC balances have been increasing and wallets associated to miners have stockpiled 14,000 BTC, worth approximately $600 million, over the past six-and-a-half months.
It was also reported that miners have retained a greater portion of their gains in the bull markets of 2021 and 2020 than they did in previous market cycles. To pay their electricity bills, hardware and other expenses, miners typically sell BTC.
Bitcoin miner unspent supply: Glassnode
As the Bitcoin network’s hashrate recovered in the past quarter, the trend of miner accumulation continued.
Glasnode reported in June that Bitcoin’s hashing power fell 51% to 90 Exahashes, amid speculation about a Chinese wholesale exodus.
According to a seven-day moving mean, network hashing power recovered 52% from tag 137 Exahashes. The recovery of hash rates indicates that most mining operations are now relocated and up and running again.
Bitcoin’s hash rate, however, is 34% lower than its May record of 184 Exahashes.
Related: Four North American Bitcoin miners who could benefit from the East/West shift
Publicly traded mining companies have seen their shares fall despite the growing mining treasuries, hash rate recovery and expanding mining treasuries. This is because of fears that Evergrande, a Chinese property giant, may soon default on its loans.
Riot Blockchain has seen its stock price slide 2.4% since Sept. 20, after it spent big to build a Texas data center and expand its hashing capabilities.
Competitors Marathon, Hive Blockchain and Hut 8 are down by 1.5% each since Monday morning. Hut 8 shares have dropped by 5.4% in the same time period. This completes the performance of each of the “Big Four” North American miners.
According to CoinGecko, Bitcoin has fallen more than 10% and traded at $42,730 as of the writing. However, mining stocks outperformed Bitcoin.