Bitcoin Miner Holdings Hits New All Time High

Bitcoin’s mining difficulty was steadily rising until the end of May 2022, bringing lower yields to BTC miners. The past two months we also saw Bitcoin miners selling most of their earnings to make up for the revenue loss from the crypto price falls resulting from the Terra Luna crash.

Bitcoin recently reached 91% of its max supply (just over 19 million BTC out of the eventual max supply of 21 million BTC). At the time of writing, the price of BTC is hovering just over $23,300.

According to a post on CryptoQuant, Bitcoin miner reserves have hit a new all time high outlined in the chart below with the decreasing hashrate.

Bitcoin mining rig manufacturer Canaan announced that their global expansion is on schedule, undeterred by the crypto winter. Canaan is based in China and makes Bitcoin ASIC mining rigs, similar to the leading Antminers which are manufactured by Bitmain.

Canaan has their headquarters in Beijing with regional headquarters in Singapore and other offices in the US and Kazakhstan.

In an interview with Forkast News, Canaan’s senior vice president, Edward Lu, explained that the company was well prepared for a crypto winter. Most of Canaan’s revenue comes from long-term partnerships with institutional clients who were also ready for any market falls.