Research: A review of bitcoin mining company holdings in 2022

1 year ago

Glassnode information analyzed by CryptoSlate shows that Marathon, Hut8, and Riot built the apical 3 largest Bitcoin (BTC) pools, portion Bit Digital recorded a 134% maturation successful reserves successful 9 months.

BTC miners successful 2022

BTC miners entered the twelvemonth 2022 with resources acquired done inexpensive indebtedness successful 2021. The bulk of them invested these resources into increasing their ASICS, which kept expanding their BTC holdings until May.

However, the carnivore marketplace started successful May introduced immense unit and led to organisation crossed miners. The Russian-Ukraine warfare accrued vigor costs, the BTC terms fell, and the hash complaint increased, which heated the contention for artifact space.

Distribution emerged arsenic the main taxable for BTC miners successful the 2nd fractional of 2022. However, the BTC measurement successful exchanges didn’t grow. Throughout the full year, less than 60,000 BTC got sent to exchanges.

Year-end reserves

Marathon, Hut8, and Riot became the apical 3 companies with the largest full BTC holdings, with 12,232 BTC, 9,086 BTC, and 6,952 BTC, respectively.

Public BTC Mining Companies - Total Reseves

Marathon’s holdings relationship for 27.7% of the combined BTC excavation of the apical 9 mining companies, portion Hut8 and Riot relationship for 20.4% and 17.5%, respectively.

Top 9 Companies

CryptoSlate analyzed the apical 9 BTC mining companies successful detail. Marathon, Hut8, HIVE, Riot, and Bit Digital ended the twelvemonth by increasing their holdings.

However, Bit Digital recorded the astir awesome maturation successful mining capabilities passim the year. Bit Digital started its operations successful April and mined 754 BTC successful the archetypal month. For the remainder of the year, the institution recorded a 134% maturation successful reserves and reached 1,765 successful December.

Marathon started the twelvemonth with 8,595 BTC, recorded a 42% increase, and saw 12,232 BTC successful December. The 5,826 BTC Hut8 had successful January accrued to 9,086 by December, reflecting an astir 56% increase. Finally, HIVE’s January reserves were astatine 2,043 BTC, which grew by 14.9% passim the twelvemonth and reached 2,348 BTC successful December.

Bitfarms entered the twelvemonth with 4,600 BTC and recorded a 91% alteration by falling to 405 BTC successful December. Similarly, Argo held 2,748 BTC successful January, which fell to 141 BTC successful December, marking a 94.8% decrease. CleanSpark’s BTC reserves fell by 51%, falling from January’s 471 to December’s 228. Finally, Core Scientific couldn’t past the winter. The institution entered the twelvemonth with 6,373 BTC and went bankrupt successful December.

First 2 weeks of 2023

The twelvemonth 2023 started with the slightest magnitude of selling unit of the past 3 years. The illustration beneath represents the travel of BTC from miner wallets to exchanges.