Home Bitcoin News US-listed mining companies have accumulated $ 1.1 billion in Bitcoin

US-listed mining companies have accumulated $ 1.1 billion in Bitcoin

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US listed mining companies have accumulated 11 billion in Bitcoin

US-listed mining companies hold more than 20,459 BTC (~ $ 1.13 billion) as a reserve asset. Such calculations are provided by The Block analysts.

Estimates are based on current production metrics from Riot Blockchain, Marathon Digital Holdings, Argo Blockchain, Bitfarms, CleanSpark, Hut 8 Mining, HIVE Blockchain, and Greenidge Generation.

Together, these firms accounted for 7.5% of all bitcoins mined in the third quarter (6,463 BTC). In July-September, the indicator increased by 82% compared to April-June. The drivers were the consequences of the repression of the Chinese authorities and the increase in the hash rate of companies.

The data does not include statistics for BIT Digital, which has yet to provide data for the third quarter.

Data: The Block.

The 20,459 BTC on the balance sheets of the companies also includes the purchased Marathon Digital 4812 BTC from the market in January.

Data: The Block.

Bitcoins as a reserve asset can provide liquidity for firms to pay for operating expenses, purchase new equipment, and build the necessary infrastructure.

Argo Blockchain has leveraged digital gold as collateral to secure a $ 25 million loan from Galaxy Digital.Marathon Digital Holdings did a similar approach, agreeing with Silvergate Bank to open a $ 100 million revolving credit line.

Earlier, Hut 8 raised $ 11.8 million from Foundry by providing the mined cryptocurrency as collateral.

Recall that the total revenue of bitcoin miners last month reached $ 1.308 billion, which is 3.8% below the August value.

Read about industry events in September in our report.

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