The amount of Bitcoin held in reserve by mining companies has fallen to lows not seen since February 2010, according to blockchain analytics firm IntoTheBlock. And that’s been true for most of this year.
As of Wednesday afternoon, Bitcoin miners have 1.91 million BTC in their wallets, according to IntoTheBlock. Bitcoin miner reserves have been above the 2 million BTC mark—first surpassed on February 19, 2010—for only 46 days since the start of 2022. This illustrates the impact of miners selling their Bitcoin throughout the year, at times selling more in a month than they mined, to compensate for profits that have dwindled as the market has suffered.
IntoTheBlock uses a machine learning algorithm to identify miner wallet addresses and tracks their holdings, including wallets linked to miners or mining pools that accumulate BTC but don’t actively mine it. The aggregate of the BTC held in those wallets makes up the analytics firm’s miner reserve metric.
For reserves to have stayed...
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