miners are adjusting operational strategies and running up their coin stashes as the cryptocurrency market braces for Bitcoin’s halving, a quadrennial event due around April 20, a recent industry report highlights.
Data tracked by BTIG shows that mining companies like Cleanspark (NASDAQ:), Marathon Digital (NASDAQ:), and Riot Blockchain (NASDAQ:) have reduced their Bitcoin sales in the first quarter of 2024. According to its “Crypto Mining Corner: #29” report, this strategy aims to increase their Bitcoin reserves in preparation for the post-halving price movements, while also tapping into the capital markets to finance their operations.
Cleanspark reported selling roughly 13 Bitcoins in Q1 2024, a sharp decrease from about 1,257 in the previous quarter. Marathon followed suit, with sales dropping to around 730 from 2,365 Bitcoins, while Riot Blockchain sold 212 Bitcoins, ceasing sales entirely in February and March.
This…
Read More