#Bitcoin Miners Resume Holding Strategy#

After nearly two years of a complete liquidation strategy, Bitcoin mining company Core Scientific appears to be recovering some of its holding strategy. The company sold only 27% of its self-mined Bitcoin in December, holding the remaining 73%, marking the first time since November 2022, when it fell into financial distress, that it did not liquidate all of its output assets. While Core Scientific still has no digital assets on its balance sheet after exiting bankruptcy protection in early 2024, it began selling less than 100% of its monthly Bitcoin output in November and is expected to hold approximately 254 BTC by the end of 2024, worth about $26 million. This shift suggests that Core Scientific may be seeking to hedge against market volatility by holding some Bitcoin and provide more flexibility for future development. However, it is worth noting that Core Scientific's realized Bitcoin hashrate continued to decline in December, indicating that its mining operations still face challenges. Overall, Core Scientific's move reflects the fact that Bitcoin miners are re-evaluating their strategies and seeking more sustainable operating models after experiencing a bear market and liquidation.