Bitcoin miners are accumulating Bitcoin (BTC) as the network hash rate continues to recover, according to on-chain analytics provider Glassnode.
In its Sept. 20 Week on Chain report, Glassnode stated that miner BTC balances are increasing, with wallets associated with miners having stockpiled 14,000 BTC (worth roughly $600 million) over the past six and a half months.
The report also noted that the bull markets of 2020 and 2021 have seen miners hold onto a larger portion of their rewards than in previous market cycles. Miners usually sell BTC to cover their expenses, including electricity bills and hardware.
The trend of miner accumulation continued as the Bitcoin network’s hash rate recovered this past quarter, However, the Bitcoin hash rate is currentle sitting 34% below its all-time high of 184 exahashes from May.