#Bitcoin Miners Resume Holding Strategy#
Hot Topic Overview
Overview
After nearly two years of a complete liquidation strategy, Bitcoin mining company Core Scientific began to restore some of its holding strategy in December, selling only 27% of its self-mined Bitcoin. Previously, the company had maintained zero Bitcoin holdings since falling into financial distress in November 2022. This shift suggests that miners are reconsidering their holding strategies as Bitcoin prices rebound, and may further increase their Bitcoin holdings in the future. Core Scientific produced 291 BTC in December, sold 79 BTC, and generated $7.7 million in revenue. By the end of 2024, the company estimates it will hold approximately 254 BTC, worth about $26 million. However, Core Scientific's hashrate continued to decline in December, indicating that the company is still adjusting its operating strategy to address the evolving market environment.
Ace Hot Topic Analysis
Analysis
After pursuing a full liquidation strategy for two years, Bitcoin mining company Core Scientific began adjusting its strategy in December, no longer liquidating all self-mined Bitcoin but choosing to hold some. The company produced 291 BTC in December, selling 79 BTC for a revenue of $7.7 million. This signifies that Core Scientific has at least partially resumed a holding strategy, likely due to the Bitcoin price rebound in the second half of 2023 and the company's improved financial situation after exiting bankruptcy protection in early 2024. By the end of 2024, Core estimated it held approximately 254 BTC, valued at around $26 million. However, Core's realized Bitcoin hashrate continued to decline in December, dropping to 15.44 EH/s, a 17% decrease from its peak of 18.64 EH/s in 2024 before the halving event. Additionally, by the end of 2024, Core had reduced its installed hashrate capacity to 19.1 EH/s. Core Scientific's strategy adjustment indicates that Bitcoin mining companies are reevaluating their business models and starting to consider holding Bitcoin as an investment strategy, rather than simply treating it as a commodity.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
Core Scientific resumes partial holding strategy, no longer fully liquidating all mined Bitcoin.
Core Scientific sold 27% of its self-mined Bitcoin in December 2024, holding approximately 254 BTC.
Core Scientific's hashrate continued to decline in December 2024, but remained at a certain scale.
Core Scientific began to resume its partial holding strategy after exiting bankruptcy protection in early 2024, which may indicate that Bitcoin miners are optimistic about the future market.