Miners have retained a larger portion of their rewards in 2020 and 2021 than in previous market cycles. Miners typically sell BTC to cover their expenses, including electricity and equipment bills.
The trend of miners' accumulation continued in the past quarter as the hash rate of the Bitcoin network recovered.
Amid speculation of a wholesale Chinese miner exodus, Glasnnode reported that the Bitcoin network's computing power fell 51% to a local low of 90 Exahashes in late June, according to Glassnode.
The network's computing power recovered 52% from the 137 Exahashes tag according to the seven-day moving average. Hash rate recovery indicates that most mining operations have moved and are running again.
Bitcoin miners are accumulating as the network's hash rate continues to recover, according to on-chain analytics provider Glassnode.
Glassnode found that miners' BTC balances are growing, and wallets associated with miners have accumulated 14,000 BTC worth about $600 million in the past six and a half months.
