With bitcoin rallying above $55,000 for the first time since May, cryptocurrency miners are holding onto their newly minted currencies to bolster their balance sheets.
Recent monthly production updates from crypto miners such as Riot Blockchain and Marathon Digital Holdings show they have kept their mined bitcoins during September, when prices hovered around $40,000.
Riot Blockchain, the Castle Rock, Colo.-based miner, said in a statement Wednesday that as of Sept. 30 it holds 3,534 bitcoins, an increase of 406 bitcoins from August. Riot’s share price rose as much as 6.5% on Wednesday, before paring gains to close the trading session up about 1%.
Meanwhile, Riot’s competitor, Marathon Digital Holdings, said on Oct. 4 it now holds 7,035 bitcoins on its balance sheet, after producing 340.6 new bitcoins in September. It previously said the company held 6,695 bitcoins in August. Marathon’s stock was up 4.8% on Wednesday.
Adding to the trend, on Oct. 4, Canadian Hut 8 Mining Corp. also reported that all of its self-mined bitcoins were deposited into custody, which is consistent with the company’s strategy to “hodl” its mined digital currency. “We are thrilled with our current amount of bitcoin held in reserve as well as being ahead of schedule on our commitment to the market to