Bitcoin miners had suffered greatly as a result of China’s mining ban, but they eventually regained a foothold in the market. As a result, their profits are on the rise and the “great migration” seems to be coming to an end. The focus is now on investors, and how can they make a profit in such an uncertain market?
Profits of Bitcoin Miners Rise
Over the past 6 and a half months, miners have managed to significantly increase their holdings. During that time, their BTC flexibility increased by 13,000 BTC as they managed to keep stacking up throughout migration, gatherings, crashes, and consolidations.
As a result, at the moment, they held around 1.774 million Bitcoin worth $ 86.2 billion. Their holdings are worth more than Grayscale and the top 10 holding institutions combined, around $ 41.5 billion (853,585 BTC).
The only selling episode was seen in late August when 1,360 BTC were sold. Moreover, with the rapid recovery of the hash rate, their position only gets stronger.
The hash rate was only 37% of historic May highs and the difficulty also remained at 26% of what it was during the days leading up to the migration phase.
Although their earnings have fallen by around $ 3 million this month due to the sudden volatility, some consolidation could put them back into an increase in profits.
What Should Investors Do?
Since the miners had already established a strong position, investors may also consider doing the same. In addition, the market was at the moment unresolved and deciding on a move in a specific direction is not ideal. However, continuing with HODLing is the best tactic right now.
And the good thing is that investors have followed this strategy. This week alone, nearly 24.9,000 BTC were bought on exchanges by investors.
On top of that, Bitcoin’s profit supply has reached a safe level of 81%. Such levels were ideal for reporting profits above a market high or values below 60%.