#Bitcoin Miners Resume Holding Strategy#
Hot Topic Overview
Overview
After pursuing a full liquidation strategy for two years, Bitcoin mining company Core Scientific began to partially hold its mined Bitcoin in December, selling only 27% of its self-mined Bitcoin and holding approximately 254 BTC. This marks a shift in the company's strategy as it begins to hold onto some of its assets after improving its financial situation. While Core's hashrate declined in December, its change in Bitcoin holding strategy suggests that Bitcoin miners may be re-evaluating their business models and considering holding Bitcoin rather than selling it all.
Ace Hot Topic Analysis
Analysis
Core Scientific, a Bitcoin mining company, appears to be reverting to a partial holding strategy after nearly two years of complete liquidation. The company sold only 27% of its self-mined Bitcoin in December, retaining the rest, marking the first time since November 2022, when it faced financial difficulties, that it did not liquidate all of its mined assets. This move suggests that Core Scientific may be seeking to weather market volatility by holding Bitcoin and benefit from long-term value growth. Notably, Core Scientific had no digital assets on its balance sheet after emerging from bankruptcy protection in early 2024, and this retention of some Bitcoin also indicates an improvement in its financial condition. Although Core Scientific's hashrate declined in December, its strategy of holding Bitcoin suggests confidence in the future price of Bitcoin and could signal that other mining companies will follow suit, gradually resuming holding strategies, which would have a positive impact on the Bitcoin market.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
Core Scientific resumes some holding strategy, no longer liquidating all mined Bitcoin.
Core Scientific sold 27% of its self-mined Bitcoin in December, retaining 73% of the Bitcoin.
Core Scientific resumed its partial holding strategy after exiting bankruptcy protection in early 2024, indicating an improvement in its financial condition.
Core Scientific's hashrate continued to decline in December, but its change in holding strategy suggests an increased confidence in the future price of Bitcoin.