The JPMorgan report reveals that Bitcoin miners are changing their strategies to accumulate Bitcoin instead of selling it, due to the challenges posed by the block reward halving and increasing mining difficulty. This shift is driven by the positive market sentiment and the potential for better long-term rewards. Companies like MARA Holdings and Semler Scientific are following this approach and acquiring significant amounts of Bitcoin. The approval of spot Bitcoin ETFs in the US has also opened opportunities for institutional investors to engage with Bitcoin. Miners are now financing their operations through debt and partnerships, rather than selling their crypto reserves. This shift in funding methods has led to miners raising over $10 billion in equity in 2023. Overall, these changes highlight the adaptability and resilience of miners in the cryptocurrency mining industry.



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