What's the implications? Credits to Glassnode insights for feed idea.
In the past two years, miner behavior has undergone a transformation. Newer, more powerful chips have enhanced operational efficiency, and the expansion of miners into North America has given many of them access to operating capital by exercising cheap debt and corporate equity. The typical miner in 2021 is more resilient than past generations.
What once was a reliable outflow of spending from miner wallets has shifted since 2019, and miners are now depositing more minted supply into their treasuries than before. The chart below shows the 90-day sum of Miner Netflow Volume (in USD) as a percentage of Market Cap, and the multi-year rise is evident.
If miners evolve into being HODLers, a group who are naturally incentivized to spend will be reduced significantly. Then acquiring new Bitcoin into the future could become exceeding difficult.
With so many holder types stacking $BTC for the long term, future opportunities to acquire the world's first absolutely scarce digital asset are increasingly limited. Now we understand why certain $NSDQ100 companies are taking a head start in diversifying into Bitcoin. They understand what's the hardest asset and look far and beyond, such as $TSLA (Tesla Motors, Inc.) and MicroStrategy.
In the past two years, miner behavior has undergone a transformation. Newer, more powerful chips have enhanced operational efficiency, and the expansion of miners into North America has given many of them access to operating capital by exercising cheap debt and corporate equity. The typical miner in 2021 is more resilient than past generations.
What once was a reliable outflow of spending from miner wallets has shifted since 2019, and miners are now depositing more minted supply into their treasuries than before. The chart below shows the 90-day sum of Miner Netflow Volume (in USD) as a percentage of Market Cap, and the multi-year rise is evident.
If miners evolve into being HODLers, a group who are naturally incentivized to spend will be reduced significantly. Then acquiring new Bitcoin into the future could become exceeding difficult.
With so many holder types stacking $BTC for the long term, future opportunities to acquire the world's first absolutely scarce digital asset are increasingly limited. Now we understand why certain $NSDQ100 companies are taking a head start in diversifying into Bitcoin. They understand what's the hardest asset and look far and beyond, such as $TSLA (Tesla Motors, Inc.) and MicroStrategy.
Attached Image (click to enlarge)
