Public miners back to expanding their BTC balancesMiner’s financial conditions show signs of improving as public miners have resumed expanding their BTC inventories. Public bitcoin miners sold 68% of their monthly BTC production in September, suggesting that financial conditions are improving for public miners.
Public miners were in a state of capitulation this summer. In this period, they sold far more BTC than they produced, peaking in June as public miners sold 350% of their monthly BTC production.These funds were funds set aside for long-term exposure in BTC. In each month this year up until May, miners held onto more than 50% of their BTC production. Thus, miners were forced to sell in pressured markets at a far lower price than the production price.Miners spent the summer improving their debt situation. We’ve seen mining companies restructuring their debts and bolstering their balance sheets, most notably with Stronghold slashing its debts by more than 60% in August.The market is currently less exposed to massive selling pressure from public miners. Public miners hold near 37,000 BTC today, down from 46,000 BTC by the end of April.