Bitcoin’s Latest Casualty: Miner Reserves Plunge to 3-Year Low, What’s Next For BTC?
Summary
Bitcoin miner reserves have dropped to a three-year low, with a 2.4% decrease since December 2020, now totaling 1,510,300 BTC. This decline, valued at $86 billion, is attributed to increased sell-offs by miners to cover operational costs post-halving. Despite this trend, some public mining companies are increasing their Bitcoin reserves, signaling a bullish outlook. However, the financial health of these companies varies, with Core Scientific Inc. reporting a substantial loss of $804 million for Q2 due to a write-down of its Bitcoin holdings.
