US-listed mining companies hold a total of more than 20,459 BTC (~$1.13bn) as a reserve asset. Such calculations are provided by analysts at The Block.
The estimates are based on the current production figures of Riot Blockchain, Marathon Digital Holdings, Argo Blockchain, Bitfarms, CleanSpark, Hut 8 Mining, HIVE Blockchain and Greenidge Generation.
Together, these firms accounted for 7.5% of all bitcoins mined in the third quarter (6,463 BTC). The July-September figure was up 82% compared to April-June. Drivers were the impact of the crackdown by Chinese authorities and an increase in companies' hash rates.
The data does not include statistics for BIT Digital, which has not yet had time to provide data for the third quarter.
The 20,459 BTC on companies' balance sheets also includes the 4,812 BTC acquired by Marathon Digital on the market in January.
Bitcoins as a backup asset can provide firms with liquidity to pay for operating costs, purchase new equipment and build the necessary infrastructure.
Argo Blockchain used digital gold as collateral to secure a $25 million loan from Galaxy Digital. Marathon Digital Holdings did the same, agreeing a $100 million revolving credit facility with Silvergate Bank.
Earlier, Hut 8 had raised $11.8 million from Foundry, pledging mined cryptocurrency as collateral.
As a reminder, total bitcoin mining revenue reached $1.308bn last month, down 3.8 per cent from August.
Privacy cryptocurrencies with Changelly might be the answer for you. Favor of Bitcoin and what does not, let's look at how the protocol works to have a better understanding. Advantages and disadvantages of Changelly at a glance. Where to buy cryptocurrencies? Technical analysis of cryptocurrencie. Step by step guide to trading at Changelly.
