Miners hold record low amount of Bitcoin

 Bitcoin miners worldwide currently hold only 1.95 million BTC, a record low in more than 


Bitcoin's hash rate consistently hits record difficulty. The profit pressure placed on the shoulders of miners is increasing, causing them to sell a part of their holdings to cover operating costs," commented Into The Block.

According to Finbold, another reason is the impact from the governments of other countries. The "suppression" of Bitcoin mining in China last year has dealt a heavy blow to miners. SCMP said that from May 2021 to the end of last year, there were still at least two million "buffalo plows" trapped in China. It is estimated that each miner can generate 26.7 USD per day. As a result, the shutdown costs companies hundreds of millions of dollars. To resume mining, they were forced to sell their coins.

Finbold believes that cryptocurrency miners are going through the most chaotic period ever. Exploiting despite moving to new places outside China still faces many difficulties. In which, the most significant is the global chip crisis and the impacts of Covid-19.

According to Forbes, Bitcoin mining is still happening in the "darkness". Mining companies face a lot of criticism from the community and law enforcement for emitting huge amounts of CO2 and consuming too much energy. Louis Cleroux, CEO of the Timechain platform (Canada), said: "Mining bans are becoming mainstream in the medium term. Miners need to find more creative ways to reach agreements with the government, including a review of energy use".

Meanwhile, Adrian Eidelman, co-founder of smart contract platform RSK, said: "Miners often look to cheap but environmentally harmful energy sources. They will need greener, remote sources of energy. big city". Once these issues are solved, the community will have a different view of cryptocurrency miners.
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