Leading Bitcoin (CRYPTO: BTC) miners in the U.S. are accumulating BTC as a buffer against growing competition and narrowing profit margins.
What Happened: Firms including MARA Holdings Inc. (NASDAQ:MARA), Riot Platforms Inc. (NASDAQ:RIOT), and CleanSpark Inc. (NASDAQ:CLSK) have leveraged Bitcoin’s soaring price, which hit $100,000 last month, to raise over $3.7 billion since November, according to a Financial Times report on Monday.
These funds have been utilized to fund Bitcoin purchases, often raised through zero or near-zero coupon convertible notes.
Following in the footsteps of MicroStrategy, MARA, the world’s biggest Bitcoin mining company, has pivoted toward a buy-and-hold strategy, retaining all Bitcoin it mines and periodically making strategic open-market purchases.
Miners such as CleanSpark have also chosen to retain the majority of the Bitcoin mined in recent months.
On-chain data also reflected the behavioral shift. The number of Bitcoins …Full story available on Benzinga.com
US Bitcoin Miners Hoard Apex Crypto To Shield Against Rising Expenses MARA, Riot Replicate MicroStrategy’s Playbook
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