Recent data revealed that the amount of bitcoin held by miners fell to its lowest level in 12 years, specifically since February of 2010.
As of Wednesday, bitcoin miners have about 1.91 million bitcoins in their wallets, Into the Block reported.
The reserves of the Bitcoin miner have crossed the 2 million mark of the popular cryptocurrency – it was first crossed on February 19, 2010 – for just 46 days since the start of 2022.
This illustrates the impact of miners selling their coins throughout the year; Sometimes they sell more per month than they're mining, to make up for profits that dwindled as the market took a hit.
Into the Block used a machine learning algorithm to identify miners' wallet addresses and track their holdings; Including wallets associated with miners or mining pools that collect bitcoin but are not actively mining it.
The total bitcoins held in those wallets are a measure of the analytics firm's miner reserve.
Reserves staying below 2 million bitcoins as much as they have been this year underscores how dire things have been for the industry.
Bitcoin mining reserves initially dropped below 2 million in July last year on news of China's mining crackdown, but that number later bounced back.
And this year it has been more companies that have borrowed millions for their mining equipment; Like Clean Spark and Argo, experiencing month after month of losses.
