{"id":225476,"date":"2022-03-18T03:00:48","date_gmt":"2022-03-18T03:00:48","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=225476"},"modified":"2022-03-17T19:20:08","modified_gmt":"2022-03-17T19:20:08","slug":"corporate-treasuries-these-mining-outfits-hodl-the-most-bitcoin","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/corporate-treasuries-these-mining-outfits-hodl-the-most-bitcoin\/","title":{"rendered":"Corporate treasuries: These mining outfits hodl the most bitcoin"},"content":{"rendered":"<p>Miners are at the core of the Bitcoin network, providing security to the whole ecosystem of users, businesses, and hodlers. Bitcoin (<a href=\"https:\/\/cryptoslate.com\/coins\/bitcoin\/\">BTC<\/a>) mining companies aim to serve as bitcoin investment vehicles, helping to give investors bitcoin exposure without holding the asset directly. Therefore, they intend to build up bitcoin treasuries to be more correlated with the bitcoin price.<\/p>\n<p>Also, since mining is a capital-intensive business, and miners are constantly looking for expansion opportunities, they want to keep a liquid balance sheet. As bitcoin bulls, it makes sense for them to keep the bitcoin they earn instead of storing it in fiat currency. By tapping into public markets and debt financing, these miners can hodl the bitcoin they earn and use fiat to pay their costs.<\/p>\n<h2>Top miner is holding 8,956 BTC<\/h2>\n<p>According to newly released <a href=\"https:\/\/arcane.no\/research\/which-miners-hodl-the-most-bitcoin\">research<\/a> by Arcane Research, the bitcoin mining business Marathon owns the most bitcoin of all public miners, currently holding 8,956 BTC. Half of Marathon\u2019s bitcoin is self-mined, but they also bought 4,813 BTC in January 2021. While some other miners aim to be vertically integrated and own their own data centers, Marathon only invests in ASICs and bitcoin.<\/p>\n<p>Core Scientific is the second-largest bitcoin hodler of the public miners, with 7,355 BTC. Hut 8 with 6,115 BTC comes in third place, and Riot in fourth place with 5,783 BTC.<\/p>\n<p>According to <a href=\"https:\/\/bitcointreasuries.net\/\">bitcointreasuries.net<\/a>, Marathon has the third-largest bitcoin treasury of any company, only behind MicroStrategy and Tesla. Their findings also show that six of the ten companies with the largest bitcoin treasuries are miners.<\/p>\n<figure id=\"attachment_225477\" aria-describedby=\"caption-attachment-225477\" style=\"width: 1696px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-225477 size-full\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/03\/Ska\u0308rmavbild-2022-03-17-kl.-12.54.55.png\" alt=\"Miners holding most bitcoin\" width=\"1696\" height=\"1020\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/03\/Ska\u0308rmavbild-2022-03-17-kl.-12.54.55.png 1696w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/03\/Ska\u0308rmavbild-2022-03-17-kl.-12.54.55-300x180.png 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/03\/Ska\u0308rmavbild-2022-03-17-kl.-12.54.55-1024x616.png 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/03\/Ska\u0308rmavbild-2022-03-17-kl.-12.54.55-768x462.png 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/03\/Ska\u0308rmavbild-2022-03-17-kl.-12.54.55-1536x924.png 1536w\" sizes=\"(max-width: 1696px) 100vw, 1696px\" \/><figcaption id=\"caption-attachment-225477\" class=\"wp-caption-text\">Miners holding most bitcoin.<\/figcaption><\/figure>\n<p>Crypto markets have experienced highly volatile months, even by crypto\u2019s standards. The year began with rising inflation shortly followed by the Russian and Ukraine war, causing Bitcoin\u2019s price to retrace significantly from the $50k level at which it stood by the end of 2021.<\/p>\n<h2>Bitcoin held in miner\u2019s addresses has dropped considerably<\/h2>\n<p>This recent series of events have negatively impacted the mining industry.<\/p>\n<p>The industry has grown tremendously boosting competition and elevating hash rate to sustained levels not seen before. These low prices have affected the mining industry profitability and as a consequence miner reserves have decreased, likely to cover companies day to day costs.<\/p>\n<p>Miner Reserves track the balance of addresses belonging to mining pools. Bitcoin miners appear to have been selling and decreasing the amount of Bitcoin in their addresses, which has dropped considerably from the beginning of 2022. Currently at the lowest since 2011, miners\u2019 total amount of Bitcoin sits at 1.95 million BTC.<\/p>\n<figure id=\"attachment_225479\" aria-describedby=\"caption-attachment-225479\" style=\"width: 986px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/03\/btc-hash-rate.webp\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-225479 size-full\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/03\/btc-hash-rate.webp\" alt=\"Bitcoin miner reserves have decreased significantly\" width=\"986\" height=\"408\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/03\/btc-hash-rate.webp 986w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/03\/btc-hash-rate-300x124.webp 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/03\/btc-hash-rate-768x318.webp 768w\" sizes=\"(max-width: 986px) 100vw, 986px\" \/><\/a><figcaption id=\"caption-attachment-225479\" class=\"wp-caption-text\">Bitcoin miner reserves have decreased significantly.<\/figcaption><\/figure>\n<p>As shown above, Bitcoin miner reserves have decreased significantly, probably in direct relation to the hash rate\u2019s robust growth. An increase in hash rate means a more competitive environment, lowering profits for miners. Similarly, Bitcoin\u2019s decreasing price puts further pressure on miner margins.<\/p>\n<p>Due to these reasons, it is likely that miners are decreasing their Bitcoin holdings to cover their short-term operational costs.<\/p>\n<h2>Energy consumption concerns the EU and others<\/h2>\n<p>Meanwhile, bitcoin- and other proof-of-work miners in Europe, just <a href=\"https:\/\/cryptoslate.com\/eu-votes-against-a-de-facto-ban-on-bitcoins-pow-consensus-method-in-mica-draft\/\">experienced<\/a> a near-death experience as EU regulators proposed legislation that may have banned Bitcoin mining altogether in the region. The European Union regulators have since removed a section from proposed legislation that may have banned Bitcoin mining in the region.<\/p>\n<p>Recently, the so-called ECON committee of the European Union <a href=\"https:\/\/cryptoslate.com\/eu-parliament-delays-vote-on-crypto-regulation-after-backlash-on-anti-proof-of-work-stance\/\">voted<\/a> against a de-facto ban on cryptocurrencies that rely on the proof-of-work consensus protocol, like Bitcoin, that was <a href=\"https:\/\/cryptoslate.com\/todays-eu-mica-vote-could-ban-exchanges-from-listing-proof-of-work-crypto-assets\/\">included in the latest draft<\/a> of the MiCA, or Markets in Crypto-assets Regulation.<\/p>\n<p>However, the issue highlights the multifaceted, sometimes conflicting, objectives faced by regulators. After all, regardless of where you stand on proof-of-work (PoW) mining, there\u2019s little doubt it has an impact on energy resources.<\/p>\n<p>In an attempt to disprove much of the criticisms of Bitcoin\u2019s high energy use, Galaxy Digital has released a <a href=\"https:\/\/docsend.com\/view\/adwmdeeyfvqwecj2\">report<\/a> which states that the purported \u201chigh\u201d energy usage of BTC is extremely low when compared to other industries like that of the banking industry and gold.<\/p>\n<p>According to the report, the annual energy use of Bitcoin sits at around 113.89 terawatt-hours (TWh). At the same time, its counterpart from traditional finance (banking industry) consumes more than double the amount of the asset (263.72 TWh) annually.<\/p>\n<h2>Carbon footprint and renewable energy resources<\/h2>\n<p>As previously <a href=\"https:\/\/cryptoslate.com\/bitcoins-global-carbon-footprint-accounts-for-0-19-is-green-energy-the-solution\/\">reported<\/a> by CryptoSlate, according to a <a href=\"https:\/\/www.banklesstimes.com\/news\/2022\/03\/13\/global-carbon-footprint-of-bitcoin-mining-stands-at-114-mt-comparable-to-czech\/\">study<\/a> run by Bankless Times, the carbon footprint created by Bitcoin mining globally accounts for 0.19%, which is the same amount the Czech Republic emits as an entire country.<\/p>\n<p>Data collected since 2018 shows that there will be a 150% surge in Bitcoin mining energy consumption during 2021. As of February 2022, the total energy consumed for Bitcoin mining is 200 terawatt-hours.<\/p>\n<p>However, Bitcoin Mining Council (BMC), recently announced the results from its quarter fourth survey highlighting how Bitcoin mining is steadily adopting sustainable power usage. <a href=\"https:\/\/cryptoslate.com\/46-bitcoin-miners-employ-renewable-energy-sources-to-mine-bitcoin-bmc\/\">Reported<\/a> earlier by CryptoSlate, as per the latest Q4 survey <a href=\"https:\/\/bitcoinminingcouncil.com\/q4-bitcoin-mining-council-survey-confirms-sustainable-power-mix-and-technological-efficiency\/\">report<\/a>, the percentage of the global Bitcoin mining industry deploying renewable resources to mine Bitcoin has increased from 1% to a notable 58.5%.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Miners are at the core of the Bitcoin network, providing security to the whole ecosystem of users, businesses, and hodlers. Bitcoin (BTC) mining companies aim to serve as bitcoin investment vehicles, helping to give investors bitcoin exposure without holding the asset directly. Therefore, they intend to build up bitcoin treasuries to be more correlated with [&hellip;]<\/p>\n","protected":false},"author":962,"featured_media":225505,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[120,2376],"tags":[76841,76769,77515],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Corporate treasuries: These mining outfits hodl the most bitcoin<\/title>\n<meta name=\"description\" content=\"Though bitcoin miner reserves have decreased significantly, most public bitcoin miners aim to keep as much as possible of the bitcoin they mine. 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Why do miners pursue this balance sheet strategy, and which miners hodl the most bitcoin?\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/corporate-treasuries-these-mining-outfits-hodl-the-most-bitcoin\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2022-03-18T03:00:48+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-03-17T19:20:08+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/03\/bitcoin-treasuries.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Laszlo Dobos\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Laszlo Dobos\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/corporate-treasuries-these-mining-outfits-hodl-the-most-bitcoin\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/corporate-treasuries-these-mining-outfits-hodl-the-most-bitcoin\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/laszlo-dobos\/#person\",\"name\":\"Laszlo Dobos\",\"url\":\"https:\/\/cryptoslate.com\/author\/laszlo-dobos\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/laszlo-dobos\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/laszlo-dobos\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/12\/lars-dobos-author-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/12\/lars-dobos-author-300x300.jpg\",\"caption\":\"Laszlo Dobos\"},\"jobTitle\":\"Reporter\",\"description\":\"Educated in computer engineering, Laszlo began developing an interest for crypto and blockchain technology back in 2013. 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Lars started writing about IT and IT-security as a full-time tech journalist and editor in 2007. He's a self-employed entrepreneur and writer deep down the famous rabbit hole. When he's not spending too much time in the crypto space or reading history books, Lars enjoys the outdoors, food and hanging out with friends.\",\"url\":\"https:\/\/cryptoslate.com\/author\/laszlo-dobos\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Corporate treasuries: These mining outfits hodl the most bitcoin","description":"Though bitcoin miner reserves have decreased significantly, most public bitcoin miners aim to keep as much as possible of the bitcoin they mine. 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