Summary
Bitcoin halving is approaching, leading mining companies like Marathon Digital, Hut 8, and Riot Platforms to hoard BTC on their balance sheets. These companies aim to use their BTC holdings for growth opportunities and acquisitions. Core Scientific is selling more BTC than it is producing, while smaller miners like Terawulf, Bitdeer, Bitfarms, Cipher Mining, and Hive Digital Technologies are also adding to their BTC inventories. The industry is preparing for consolidation as the halving approaches.
Key Points
1. Companies have less than two weeks of mining bitcoin at the current per-block reward levels, and many aim to add to or maintain the BTC levels on their balance sheets.
2. Mining rewards are set to drop from 6.25 BTC per block to 3.125 BTC as part of the upcoming bitcoin halving, which is slated to occur on or around April 20.
3. Marathon Digital, Hut 8, and Riot Platforms have significant amounts of bitcoin on their balance sheets and are planning to use their BTC holdings to fuel their growth in the coming months.