#Bitcoin Miners Resume Holding Strategy#
Hot Topic Overview
Overview
Core Scientific, a Bitcoin mining company, sold only 27% of its self-mined Bitcoin in December, suggesting that the company may be at least partially restoring its holding strategy after two years of complete liquidation. The company had maintained zero Bitcoin holdings and implemented a complete liquidation strategy after facing financial difficulties in November 2022. However, since November, the company has been selling less Bitcoin than its monthly production, indicating a potential shift towards holding. As of the end of 2024, Core estimates holding approximately 254 BTC, valued at around $26 million. Nevertheless, the company's hashrate continued to decline in December, indicating that it is still facing cost pressures.
Ace Hot Topic Analysis
Analysis
Core Scientific, a Bitcoin mining company, appears to be recovering some of its holding strategy after two years of complete liquidation. The company sold only 27% of its self-mined Bitcoin in December, marking the first time since November 2022, when it faced financial difficulties, that it did not liquidate all of its output assets. While Core Scientific still did not hold any digital assets in the third quarter of 2024, the amount of Bitcoin it sold in December suggests that the company is adjusting its strategy and may be starting to accumulate Bitcoin. This could be due to the rebound in Bitcoin prices in the second half of 2023 and the improvement in Core Scientific's financial situation after exiting bankruptcy protection in early 2024. However, Core Scientific's hashrate continued to decline in December, indicating that the company is still struggling to cope with the challenges posed by the Bitcoin halving event. Overall, Core Scientific's shift in strategy suggests that Bitcoin miners are re-evaluating their business models and may be starting to hold more Bitcoin rather than selling it all.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
Core Scientific resumes partial holding strategy, no longer liquidating all mined Bitcoin.
Core Scientific sold 27% of its self-mined Bitcoin in December, but still holds 254 BTC.
Core Scientific's hashrate continued to decline in December, but its installed hashrate capacity has been reduced to 19.1 EH/s.
Core Scientific, after emerging from bankruptcy protection in early 2024, continued to implement a full liquidation strategy, but may be changing course.